Economic development

Ramaphosa backs localisation

Localisation is part of South Africa’s post-Covid economic reconstruction plan, says President Cyril Ramaphosa.

Answering a recent parliamentary question, he said localisation was one of several tools in the plan to improve the dynamism of the economy, promote investment, develop new markets and transform the economy.

“Localisation is pivotal in stimulating growth and transformation. It is about creating an enabling environment for inclusive growth, deepening the country’s industrialisation base and creating targeted transformation measures,” he said.

BusinessTech also reported that the minister responsible for localisation, Trade, Industry and Competition Minister Ebrahim Patel, said the policy had “resounding support” in the country.

The approach on localisation had also been unanimously endorsed by the business, labour and community representatives at the National Economic Development and Labour Council, Nedlac.

“They represent a large number of firms and entrepreneurs, workers in different sectors of the economy and organisations made up of representatives of various community interests,” he said.