The consequences of the ANC government's poor policy directions, state capture and corruption are clearly evident in the annual report of the Industrial Development Corporation (IDC) that was tabled to the parliamentary Portfolio Committee for Trade and Industry today.
The weaker economic climate in the country, and particularly in the mining industry, has contributed greatly to the flattening of trade finance in the 2018/19 financial year and has resulted in the IDC creating 10 000 less job opportunities than what was projected in the 2017/18 financial year.
Trade partners of the IDC have put certain projects on ice for now and that delays financing plans which in turn lead to further job losses. The negative perspective that the credit-rating agency Moodeys has on the South African economy and the downgrading of the South African trade market instil absolutely no investor confidence in the country.
Amid the economic crisis in which South Africa finds itself, the government must urgently consider privatising its semi-bankrupt public enterprises and doing away with infeasible policy directions, like Black Economic Empowerment (BEE), amending Section 25 of the Constitution regarding property rights and the planned National Health Insurance (NHI).
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