‘Solution in small business’

2017-08-23 06:00

The South African government said it concurred with the findings of the Organisation for Economic Co-operation and Development’s (OECD) economic survey for 2017 at the latest OECD presentation with Finance Minister Malusi Gigaba and the secretary-general of the organisation, Ángel Gurría.

The OECD says while South Africa has made tremendous progress in the last two decades, reforms are necessary to spark economic development.

“We agree with the observations made in the 2017 economic survey that, among others, boosting entrepreneurship and growing small businesses will contribute to creating jobs,” said Gigaba.

“We also agree that entrepreneurship in South Africa is low compared to other emerging economies.”

Gigaba said state-owned companies could play a role in advancing the objectives of employment and inclusive growth, particularly targeting micro enterprises and black-owned businesses.

From April 2017, 30% of every large contract must be, where feasible, sub-contracted to small, medium and micro-sized enterprises (SMMEs).

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