Cabinet remains deeply concerned by the ongoing Russia-Ukraine conflict, saying the socio-economic cost of the conflict is devastating and its impact will be felt around the world.
Addressing a post Cabinet media briefing on Thursday, Minister in the Presidency, Mondli Gungubele, said Cabinet calls for a negotiated diplomatic solution. The executive has urged all parties to uphold and protect human rights, and abide by their obligations in terms of international law and international humanitarian law.
“Government continues to assist South African citizens to leave the Ukraine and a number of them have since returned home. We have also expressed our concern at the ill treatment of Africans trying to cross international borders during this time,” Gungubele said.
The Minster said Cabinet believes that developing countries must enjoy a greater share of voice and influence in institutions of global governance.
“South Africa therefore advocates for a more equitable international system and for the reform of multilateral institutions to promote greater equality,” he said.
South Africa Investment Conference
Meanwhile, South Africa is set to host the fourth South Africa Investment Conference (SAIC) on Thursday, 24 March 2022, at the Sandton Convention Centre in Johannesburg.
The conference is part of government’s investment drive to attract R1.2 trillion in investment. It draws delegates from South Africa and worldwide to discuss investment opportunities.
Since the first investment conference in 2018, Cabinet said South Africa has attracted R774 billion in commitments across a wide range of economic sectors.
Of the 152 investment announcements made previously, 45 projects have already been completed and a further 57 projects are currently under construction.
“As of February 2022, those firms who have completed their reporting, have advised that R314 billion (40.6%) of the committed investment pledges have been expended.
“These new investments will help us to grow the economy, create much-needed jobs and improve the lives of people,” Cabinet said.
Africa Energy Indaba
Cabinet has welcomed the successful conclusion of the hybrid Africa Energy Indaba held in Cape Town from 1 to 3 March 2022 under the theme, ‘The Business Meeting of Choice for the African Energy Sector’.
The gathering brought together influential global and local players from the energy sector to deliberate on how the African continent can use energy as a catalyst to grow the economy and improve the lives of people.
Gungubele said South Africa remains committed to achieving an energy mix that is consistent with its development goals and its climate change goals while ensuring security of supply.
Economy
Cabinet also noted the Gross Domestic Product figures released by Statistics South Africa recently, which show South Africa’s GDP grew by 1.2% in the fourth quarter of 2021, after shrinking by 1.7% in the third quarter of 2021.
This brings South Africa’s annual growth rate for 2021 to 4.9%. The main contributors to this growth were recorded in agriculture, manufacturing, services and transport.
“Cabinet remains resolute to continue working with its social partners towards our inclusive economic growth and create an environment where we will be able to address the challenges of unemployment, poverty and inequality,” Cabinet said. – SAnews.gov.za
