Budget Review Commentary by Mr. Rodger Hill CA(SA), Chief Financial Officer for Coega Development Corporation.<\/p>\n
The Coega Development Corporation welcomes the Medium-Term Budget Policy Statement (MTBPS) for 2023, presented by the Honourable Minister of Finance, Mr. Enoch Godongwana. The eagerly anticipated address was made against a backdrop of lower global and domestic economic growth, and thus presented strategies to mitigate risks while leveraging new opportunities.<\/p>\n
A Balanced and Forward-Thinking Budget<\/strong><\/p>\n Minister Godongwana\u2019s speech demonstrates commitment to striking a balance between addressing immediate fiscal imperatives while still positioning South Africa for long-term economic growth. The proposed policies and initiatives represent a proactive approach to nurturing both the public and private sectors.<\/p>\n Investment in Key Infrastructure<\/strong><\/p>\n One of the most heartening aspects of the budget review speech is the government\u2019s focus on enhancing the delivery of infrastructure. Coega wholeheartedly endorses this emphasis, as robust infrastructure development is a fundamental catalyst for economic growth, job creation, and the attraction of both domestic and foreign investment.<\/p>\n With this commitment to increasing investment in critical infrastructure projects, we can envision a South Africa that is better connected, more resilient, and primed for sustainable development. Coega welcomes Treasury\u2019s commitment to create new mechanisms to allow for the participation of private sector and multilateral financiers in critical infrastructure projects. These options are already increasingly being used by the organisation to ensure infrastructure delivery of economically enabling infrastructure without encumbering the fiscus. Such projects are critical catalysts for economic upliftment, creating fertile ground for new industries and employment opportunities, and will go a long way in addressing South Africa\u2019s trifecta of unemployment, poverty, and inequality.<\/p>\n Job Creation and Skills Development<\/strong><\/p>\n We support the government’s determination to address the pressing issue of unemployment through job creation and skills development and employment programmes. At Coega, we firmly believe that sustained investments in skills development are integral to cultivating a highly skilled and adaptable workforce. By aligning our efforts with the government’s commitment to education and skills development, we can elevate the competitiveness of our industries and pave the way for greater economic inclusivity.<\/p>\n Sustainable Economic Growth<\/strong><\/p>\n In his speech, Minister Godongwana highlighted the imperative of attaining sustainable economic growth for the benefit of all South Africans. This resonates deeply with Coega, as we are committed to fostering an environmentally responsible and inclusive economic landscape.<\/p>\n