South Africa needs to start exploring non-traditional methods of boosting the economy‚ according to award-winning economist Nico Kelder.
Speaking at the Gauteng Infrastructure Investment Conference on Thursday‚ Kelder said South Africa should look at global opportunities to make money.
“The global economy is in an improving space. Locally‚ we have to look at where opportunities lie.
We need to be clever about this‚” said Kelder.
“If we think of China‚ everyone thinks of iron or commodities‚ mineral resources‚ but if you look at the mega trend in China‚ it is moving away from natural resources towards consumer goods‚” he said.
South Africa‚ which has a rich agriculture sector‚ could supply goods to China.
“Look at political actions taking place globally‚ for example United States President Donald Trump’s attacks on China and Germany. That may provide opportunities for South Africa to enter the US‚” said Kelder.
“It might be short-term but these are opportunities we can explore to get the economy going again.”
The two-day conference at Gallagher Estate in Midrand is aimed at promoting economic growth in the province.
Several provincial MECs‚ including Lebogang Maile‚ Panyaza Lesufi‚ Barbara Creecy‚ Ismail Vadi and Jacob Mamabolo were in attendance‚ alongside potential investors.
The MECs are each taking part in discussions on how their portfolios could boost the economy.
Earlier‚ Premier David Makhura highlighted several challenges that hampered infrastructure development in the province.
One of those challenges was government funds.
However‚ councillor Parks Tau said there were plenty of funds for infrastructure in the private sector.
“As I indicated‚ there isn’t a lack of money. In fact‚ there is excess financing for infrastructure available globally‚ yet there is a gap in financing infrastructure in Africa. We need to find ways of closing that gap so that we can take advantage of funding instruments locally but also take advantage of opportunities available internationally‚” Tau said.
Source: TMG Digital.