Minister of Trade, Industry, and Competition, Parks Tau, announced that 70% of the department’s budget allocation will go towards investment incentives, sector support programs, and localisation and transformation efforts. In his first budget vote in parliament, Tau emphasized the importance of industrial policy in the department’s economic development strategy, with R30.1bn earmarked for the medium-term expenditure framework period.
Highlighting key areas of focus, Tau stated that the incentives program would receive the largest portion of the budget at 48.7%, followed by sector programs and transformation and competition at nearly 30%. The department has also finalized eight sectoral master plans for industries like auto manufacturing, clothing, steel, and poultry to drive localisation, investment, exports, and job retention.
Emphasizing the need for integrated implementation mechanisms, Tau stressed the importance of maximizing industrial opportunities through manufacturing-led growth. He also emphasized the department’s role in promoting local procurement, advocating for local content requirements, and monitoring implementation to evaluate impact.
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