Minister of Trade, Industry and Competition, Parks Tau, delivered his department's Budget Vote in Parliament on Tuesday.
Minister of Trade, Industry and Competition, Parks Tau, has reiterated that South Africa is “turning the corner” despite mounting global economic pressures, outlining an ambitious industrialisation and investment agenda aimed at boosting growth, localisation and export competitiveness.
Delivering his department's Budget Vote in Parliament on Tuesday, Tau said the country faced a highly challenging global environment shaped by the ongoing Middle East conflict and disruptions to global energy and supply chains.
“As a net oil importer, South Africa faces real recessionary risks and threats to our industrial competitiveness,” Tau said.
Despite the economic risks, Tau argued that South Africa’s industrial policy framework was becoming more coherent and forward-looking following Cabinet’s adoption of the new Industrial Development Strategy (IDS).
