South African Finance Minister Malusi Gigaba

Earlier today Minister Gigaba spoke to  leaders and members of the Black Business Council about the true meaning of economic transformation. In his speech he invited business leaders across society to join him in transforming the economy for the benefit of all South Africans. He highlighted 6 areas that business leaders need to think about and act on. These areas include :

  • Learning from the fast-growing emerging market economies.

  • Integrating with  the rest of the African continent.

  • Finding common cause, to advance national development.

  • Adopting  the mindset that growing black business is good for South Africa in general and for South African business in particular.

  • Viewing state procurement as not the only strategic lever to grow black business

  • Creation of decent work to deal decisively with poverty and inequality.

He emphasised that the task of transforming the economy is urgent and unavoidable.

He said “It requires all of our leadership, ingenuity, collaboration and energy. It requires us to find common cause with one another, to find areas where we can work together, where we can contribute, where we can do things that will benefit others.”

He went on to say that the outlook of business leaders needs to change, “Even as we consider the challenges in our immediate context, we must maintain a global outlook.Our future requires that we deepen trade and economic integration with our region and continent. It requires that we be globally competitive and be creative and rigorous in finding sectors

where we can retain or develop comparative advantage.”

More on #GigabaSpeech in BusinessReport online and IOL tomorrow.