Foreign money not they only way for SA

2014-09-15 00:00

LEADING Durban businessman and empowerment champion Donald Mkhwanazi said unless we have a rapid economic revolution, the country is “doomed”.

Mkhwanazi, who was recently recognised for his “outstanding contribution to the promotion of Black Economic Empowerment” and his “prominent role in local and international entrepreneurship” by the Durban University of Technology with an honorary doctorate, said the structure of South Africa’s economy remains “queer at best”.

He is the founder of the Black Management Forum (BMF) and is currently the chairman of Durban-based Southern African Shipyards.

“If we do not transform this economy we are doomed. We need to convince all the stakeholders to get involved. It will not happen overnight but it must happen. We are creating pockets of discontent and sooner or later they will rise and not listen to anybody.”

He said greater emphasis needs to be placed on providing education for the masses.

“Let’s face it — the National Student Financial Aid Scheme is hardly scratching the surface. We explain it away and cite issues of budget deficit. I am ashamed that today in my country that there is no free education.

He said we need to “look beyond adopted” economic policies and mechanism that do not suit the country’s unique challenges.

Citing examples of South Korea, China and India as leaders in education and product and business development, he said South Africa must find “unique” methods of dealing with the country’s issues. “In Japan, profits are shared between the shareholders and workforce; in South Africa it is not, with only senior management incentivised. Stakeholders in this economy do not realise that a strong South Africa Is better for business.”

He foreign investment is not the only method to stimulate our economy when South Africa has an abundance of natural resources, adding businesses were more concerned with taking their money out than investing in SA.

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