South Africa is a strong proponent of multilateralism. This is a fundamental principle of our foreign policy and central to our trade policy. We are very concerned by the unprecedented challenges facing the multilateral trading system, and more worried about the actions of some of the countries that have rendered the World Trade Organisation ineffective, for almost two years, it has been incapable of hearing and resolving disputes arising out of one country’s decision to increase tariffs on steel and aluminium and other protectionist measures.

Therefore, I call on all of us to collectively resist all efforts to weaken the multilateral approach to international trade, which is important to the promotion of stability in the global economy. We have to guard against countries that want to develop and prosper at the expense of others.

South Africa’s economy has not grown at the pace needed to lift people out of poverty. Public finances remain constrained, limiting the ability of our government to expand investment in economic and social development. For this reason, our President Cyril Ramaphosa has embarked on a drive to raise US$100 billion worth of investment to boost our economic growth. In addition, our President will be hosting an Investment Conference this month, aimed at mobilising R1.2 trillion in new investments over the next five years. We just concluded a Job Summit aimed at identifying practical solutions and initiatives that will boost job creation, particularly for the youth. In addition, our Industrial Policy Action Plan (IPAP) continues to yield positives outcomes including:

The Black Industrialist Programme which supports projects to the value of R1.9 billion;

The automotive sector, which has attracted R45 billion in investments by global vehicle manufacturers.

In order to reap the benefits of the technologies of the 4th Industrial Revolution, Parliamentarians, through our oversight, must ensure that:

Governments, particularly in developing countries, prioritise investments for infrastructure. In this regard, concrete action must be taken to allocate more percentage of the Gross Domestic Product (GDP) to research and development to ensure maximum ownership and benefits for all; and

Governments, particularly in developing countries, must put in place measures to curb the brain drain so that their limited capacity is not transformed into investment in developed countries. This will ensure the effective harnessing of intellectual capacity in developing countries in order to drive their socio-economic development.

Source: Parliament of the Republic of South Africa