Mzwandile Masina, chairperson of the Portfolio Committee on Trade, Industry and Competition
The Portfolio Committee on Trade, Industry and Competition of the South African Parliament has cautioned government that austerity measures may adversely affect the implementation of the newly adopted Industrial Development Strategy. On June 9, the committee received briefings from the DTIC, National Treasury and the Western Cape Department of Economic Development and Tourism (WCDEDT) on the challenges affecting the development and sustainability of the Atlantis and Freeport Saldanha SEZs as well as solutions thereof.
The Chairperson of the committee, Mr Mzwandile Masina, stressed that austerity measures tend to lead to contracting economies, deepening socio-economic inequality and rising unemployment; thus, it may lead to mass social protests. “Therefore, fiscal and monetary policy must support industrial policy to ensure long-term economic growth and development, economic transformation and job creation,” he said.
