South Africa: private sector will help boost economy

South Africa’s private sector has agreed to play a major role in boosting the country’s economy. Business leaders will contribute expertise and investments to help the country avoid a credit-rating downgrade, accelerate small business growth and create jobs.

The cooperation between government and business in South Africa is the result of talks that have been held since January about ways to increase investor confidence and revive growth.

According to CPAfrica/Bloomberg, the private sector in South Africa promised to play its part following meetings with President Jacob Zuma and Finance Minister Pravin Gordha. Their actions are aimed to help translate the National Development Plan (NDP) into faster growth, new jobs, and greater economic inclusion.

Mike Brown, CEO of Nedbank, and Ralph Mupita, CEO of insurer Old Mutual Plc’s emerging markets unit, will lead the project aimed at preventing a ratings downgrade. Adrian Gore, CEO of Discovery, Brian Joffe, head of Bidvest Group, Sim Tshabalala, CEO of Standard Bank Group, Dan Matjila, the head of the Public Investment Corp, Africa’s biggest fund manager, have accepted different important tasks in the drive to grow South Africa’s economy.

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