President Jacob Zuma has commented for the first time about the origin of the term radical socio-economic transformation‚ saying it was a policy of the African National Congress.
“We therefore reject the incorrect and patronising assumptions by some sections of society that radical economic transformation was developed by a company from London. The policy originated from the ANC‚” Zuma said on Thursday.
He was addressing the Energy Indaba at Midrand on Thursday.
UK public relations firm Bell Pottinger fell from grace after the British PR regulatory body found that the firm had exploited racial divisions on behalf of the Gupta family.
However‚ Zuma said the ANC had defined the term radical socio-economic transformation in the past five years.
He said the ANC had‚ at its national conference of 2012 in Mangaung‚ formulated the policy of radical socio economic transformation.
Zuma told over 700 delegates at he Indaba hosted by the Department of Energy that he was looking forward to receiving a report from the two-day meeting on an action plan detailing how the energy sector could be a catalyst to reignite the economy.
“The energy sector is an important engine for growth which makes this Indaba opportune as we search for ways of reigniting economic growth in our country‚” Zuma said.
He said the Indaba took place as off-shoots of economic recovery were being threatened by ever-increasing energy costs.
Zuma remarked that the price of oil had nearly doubled in the past 24 months.
Zuma said government needed to intensify the country’s efforts to accelerate the exploration of oil and gas off the country shores.