Cape town: Government is following through on its commitment to invest more than R1 trillion in infrastructure over the next three years to renew the country's roads, port, rail, energy, and water systems.
According to South African Government News Agency, President Cyril Ramaphosa presented The Presidency Budget Vote for the 2025/2026 financial year in the National Assembly in Parliament on Wednesday. The Budget Vote focused on the 7th administration's three strategic priorities, including promoting inclusive growth, job creation, tackling poverty and the high cost of living, and building a capable, ethical, and developmental state.
The President emphasized that South Africans benefit when the economy grows, jobs are created, and industries expand. He stated that the government is working hard to boost infrastructure investment, aiming to make infrastructure development the driving force of economic growth. Through the Infrastructure Fund, investments are being made in roads that connect communities to economic centers and water projects that supply expanding cities and towns.
The President also mentioned amendments to the regulations for Public Private Partnerships to facilitate private sector investment in infrastructure, including renewable energy generation and housing. He highlighted the direct impact of this infrastructure on people's lives, noting improvements in services, cost of living, business environment, and economic activity.
Addressing challenges such as high unemployment, low economic growth, corruption, and crime, President Ramaphosa noted the establishment of a Government of National Unity (GNU) to navigate a path of growth, transformation, peace, and prosperity. The GNU adopted the Medium-Term Development Plan (MTDP) outlining actions for the next five years to achieve strategic priorities, emphasizing collaboration across ministries, departments, and national entities.
The President spoke about enhancing national cohesion and building partnerships across society through the National Dialogue, which has received wide support as a significant process to develop a social compact aligned with the National Development Plan. He stressed that the National Dialogue complements democratic processes and electoral mandates.
The GNU will continue addressing immediate concerns, such as economic growth, job creation, tackling corruption and crime, and fixing local government. President Ramaphosa highlighted efforts in improving visa administration, digital payments, tourism, and industrial diversification to unlock growth and investment. He also mentioned pursuing the Critical Minerals and Metals Strategy to create jobs and produce value locally.
Tourism's recovery was highlighted, with over 9 million international tourists visiting South Africa last year, contributing significantly to the economy. President Ramaphosa reaffirmed the implementation of economic reforms through Operation Vulindlela, noting progress in reducing load shedding and efforts to establish a competitive electricity market.
The President shared that South Africa has received international pledges worth R230 billion for its just energy transition, with investments in transmission, renewables, and localized development.
