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February 23
Ensuring radical economic transformation

​National government’s budget for the fiscal year 2017/18 was delivered on 22 February outlining how the public purse will be efficiently managed as well as outlining the framework for the next three years.

Key to the budget speech was the call for radical transformation and inclusive growth across the country. Finance Minister Pravin Gordhan said we have to radically transform our economy so that we have a more diversified economy, with more jobs and inclusivity in ownership and participation. He said in the year ahead the focus must be on inclusive growth and a transformation action plan. Bold and ethical leadership is needed from all sectors of society.

EThekwini Municipality readily supports this call and aims to achieve this transformation through the Radical Economic Transformation Framework. A Business Summit where the framework was unpacked and details provided on how exactly it will accelerate economic transformation to improve the lives of eThekwini residents was held on the same day as the Budget Speech.

The framework, which was well received by all present at the Summit, will address areas of slow service delivery, the disruption of projects in communities and the slow pace of economic transformation caused by lack of meaningful participation in the mainstream economy. It will also give clear direction on the inclusion of citizens in catalytic projects executed by the City that are taking place at a ward level.

Minister Gordhan further stated in his speech that economic transformation will not be achieved through conflict or extortion nor by reproducing the racial domination that was the hallmark of apartheid nationalism. But that this transformation will be built through economic participation, partnerships and mobilisation of all capacities. It is a transformation that must unite, not divide South Africans.

It must be noted that special mention was made in the Budget Speech about eThekwini’s Cornubia mixed development node that will yield 25 000 housing units as well as the over R13 billion in private sector investment in the nearby Dube Trade Port. It also mentioned the R30 billion inner City regeneration programme which is underway in the City which aims to attract business back to the inner City.

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