Business - Page 50

Introducing Postbank, a stateowned commercial bank in South Africa, marks a new era for the country’s banking sector. The creation of this new institution aims to close the gap between social classes and ensure that accessible banking services reach even the most financially disadvantaged. Postbank plans to provide affordable and developmental commercial banking services, focusing on responsible lending for rural and lowerincome markets, ultimately contributing to a brighter future for the country’s citizens and reaffirming the government’s dedication to social and economic development.

The National Planning Summit is a crucial event for South Africa’s longterm future. It aims to prioritize institutionalizing and strengthening the country’s planning systems to deliver developmental imperatives. The summit provides an opportunity to learn from the international experiences of countries successfully implementing longterm plans. Collaboration across sectors is necessary to achieve the National Development Plan’s Vision 2030 and build a South Africa where inequality, unemployment, and poverty no longer overshadow people’s dreams.

Cape Town is experiencing a rooftop solar explosion with a recordbreaking 1,500 smallscale embedded generation (SSEG) applications in August 2023, a 50% increase from the previous month. The driving force behind this growth is a desire to avoid loadshedding and take advantage of the City’s upcoming incentives, including cash compensation for generated power. Cape Town envisions a future grid that enables all customers to both consume and generate electricity as part of an integrated network, with new regulations in place to ensure safety, integrity, and efficient solar power generation.

Ivilitex is a new clothing and textile manufacturing facility in Epping, South Africa that aims to increase locally produced apparel from 44% to 65% by 2030. Equipped with advanced technology, the factory can produce a pair of jeans in under 13 minutes with minimal environmental impact. The company’s focus on local production and technological innovations serves as a beacon of hope for the South African textile industry, creating new opportunities for economic growth and job creation.

South Africa and Tunisia will hold political consultations to assess and improve their bilateral relations. The meeting will focus on economic collaboration, security, healthcare, and science and technology. The two countries hope to strengthen their diplomatic ties through an institutionalized agreement and potentially create a positive impact on the African continent.

The BRICS Infrastructure Investment Symposium is a platform for collaboration among Brazil, Russia, India, China, and South Africa to address the $94 trillion infrastructure financing gap and achieve the Sustainable Development Goals by 2040. The Symposium emphasizes the importance of cooperation, innovation, and sustainability to narrow the financing gap and support shared growth and development. By fostering effective partnerships, BRICS nations can accelerate the implementation of their ambitious infrastructure plans and contribute to a more prosperous, sustainable, and inclusive future.

Deputy Minister Nkosi Phathekile Holomisa gave an inspiring speech at the ICT SMME Certification Ceremony during the 2023 Corrections Week. Holomisa emphasized the importance of human rights and the responsibility of the Department of Correctional Services (DCS) to create a just and secure South Africa. Community Corrections plays a vital role in aiding the acceptance and social reintegration of offenders, and the DCS needs to reinforce partnerships to accomplish its objectives. The collaborative efforts of stakeholders are necessary to prepare inmates for life after release and create a safer and more just South Africa.

The Western Cape’s tourism and hospitality sector has immense potential, with the province aiming to double the number of visitors by 2035, and skilled tourist guides play a vital role in realizing this vision. The Western Cape celebrated World Tourism Day with the graduation of 38 tourist guides in Langa, Cape Town. The graduates, representing diverse communities, completed a course sponsored by the Department of Economic Development and Tourism and the City of Cape Town, becoming Culture, Arts, Tourism, Hospitality, and Sport Sector Education and Training Authority accredited tourist guides with a specialization in cultural sites.

The Ninth BRICS Parliamentary Forum, held in Johannesburg, South Africa, is working towards creating a fair and just global system. With its expansion to include six new members, the intergovernmental organization aims to address issues such as UN’s role in international matters, economic globalization, peace and security, and collaboration in various fields. The forum’s potential to initiate change on an unparalleled scale has been recognized, and its parliamentarians must utilize the power of legislation to create a fair world where everyone has the opportunity to prosper. The forum must be ready to manage and resolve disputes and challenges that emerge from conflicting interests, tackle the intricate challenges of development, and ensure gender equality and economic empowerment while working towards achieving the African Continental Free Trade Area.

Ivilitex is a new clothing and textile manufacturing facility in Cape Town that aims to increase the share of locally produced apparel from 44% to 65% by 2030. The facility employs stateoftheart technology that streamlines the manufacturing and washing of garments while reducing environmental impact. With plans to produce 1,500 units daily and 33,000 units monthly, Ivilitex’s hightech approach to manufacturing heralds a new phase in the evolution of the local clothing and textile sector.

The South African Youth Economic Council recently hosted a gala dinner to discuss how to combat youth unemployment and encourage economic growth in the country. Deputy President Paul Mashatile emphasized the importance of investing in education and skill development for youth, particularly in industries such as mining, renewable energy, and technology. He also promoted entrepreneurship, the expansion of SMEs, and bridging the educationemployment gap through practical skills training and accessible financial institutions. The government and private sector must work collaboratively to empower the youth and create a prosperous future for South Africa.

South Africa’s Department of Employment and Labour has proposed the BRICS Productivity Ecosystem for Decent Work Platform, which has been unanimously approved by all member nations. The platform aims to stimulate economic growth, sustainability, and job creation by encouraging cooperation and the exchange of knowledge among its member countries. The ecosystem embodies a dedication to social justice and fairness, recognizing the significance of decent work, dignity, and respect for all as integral components of sustainable development. The success of this ambitious initiative hinges on the mutual commitment and active involvement of all participating countries.

South Africa is hosting the BRICS Employment Working Group (EWG) and the Labour and Employment Ministers’ Meeting (LEMM) in Durban from September 25 to 29, 2023. BRICS is an alliance of Brazil, Russia, India, China, and South Africa. The meeting will focus on discussing employment and laborrelated matters, innovative approaches to address the challenges, and enhancing cooperation among the countries. South Africa’s involvement in the BRICS EWG and LEMM demonstrates its commitment to cultivating a strong and inclusive labor market and engaging in meaningful dialogue and collaboration with international counterparts.

The 20th USsubSaharan Africa Trade and Economic Cooperation Forum is set to take place in Johannesburg from November 24, 2023. The forum will bring together representatives to discuss strategies for enhancing trade and investment between the US and subSaharan Africa, and promote economic growth and development. The African Growth and Opportunity Act (AGOA) will also play a critical role in spurring economic growth and fostering reform, as it provides dutyfree access to the US market for over 1,800 products from eligible subSaharan African countries. The event will also feature a ‘Made in Africa Exhibition,’ showcasing regional value chains on the continent.

As the global economic landscape continues to shift, the BRICS coalition (Brazil, Russia, India, China, and South Africa) has stepped up to address the challenges faced by workers. Siboniso Duma, the MEC for Economic Development, Tourism, and Environmental Affairs, has urged labor experts, senior government officials, and delegates at the BRICS Employment Working Group to adopt a resolution outlining a clear action plan to reduce the debt burden plaguing numerous workers.