- Title: S.Africa optimistic it can raise growth rate above one percent - trade minister
- Date: 18th January 2017
- Summary: DAVOS, SWITZERLAND (JANUARY 18, 2017) (REUTERS) VARIOUS OF PARTICIPANTS IN HALLWAY AT WORLD ECONOMIC FORUM (WEF) OUTGOING U.S. VICE-PRESIDENT JOE BIDEN WALKING PAST FORMER U.S. VICE-PRESIDENT AL GORE WALKING PAST OECD SECRETARY GENERAL ANGEL GURRIA IN DISCUSSION SOUTH AFRICAN VICE-PRESIDENT CYRIL RAMAPHOSA AND ENTOURAGE WALKING PAST (SOUNDBITE) (English) SOUTH AFRICAN TRADE AND INDUSTRY MINISTER, ROB DAVIES, SAYING: "We had the good fortune of avoiding what some of our peers had, which was actual recession. But we are going to end up with a growth rate of lower than one percent. I don't have the figures in yet but lower than one percent which is not good. But I think we are optimistic that we can do a bit better this year. The drought we had last year is not with us any longer nor are the - I think the mineral prices have moved up a bit so I think we have room to be slightly optimistic." SOUTH AFRICAN FINANCE MINISTER PRAVIN GORDHAN IN DISCUSSION (SOUNDBITE) (English) SOUTH AFRICAN TRADE AND INDUSTRY MINISTER, ROB DAVIES, SAYING: "The challenges are going to be what is going to be the state and shape of the global economy. We as South Africa and part of the African continent need to see our future as moving up the value chain, industrialisation. Of course we industrialise in the midst of the fourth industrial revolution which will have very profound effects on the models. Perhaps the good news is that where we have seen robotics and digitised processes introduced in firms in South Africa, we have seen our people are perfectly capable of managing those processes and achieving good results. But the challenge of course is that those people who are doing it have secondary qualifications and some ICT (information and communications technology) or engineering-related subject." VARIOUS OF PARTICIPANTS IN HALL (SOUNDBITE) (English) SOUTH AFRICAN PLANNING MINISTER, JEFF RADEBE, SAYING: "So that is why we need to be prepared. We have seen the issues of our taxi people in South Africa fighting against Uber which reminded me of the luddites in the 19th century in England where they were breaking down machines, thinking that that will stop the advance of technology. We need to learn in the 21st century that we need to adapt to the new conditions and have responsive and responsible leadership in order to move our people into the future of technology." WIDE OF HALL
- Embargoed: 1st February 2017 14:01
- Keywords: South Africa economy rand Davies Davos WEF
- Location: DAVOS, SWITZERLAND
- City: DAVOS, SWITZERLAND
- Country: Switzerland
- Topics: Budget/Taxation/Revenue,Government/Politics
- Reuters ID: LVA0015ZLXZRB
- Aspect Ratio: 16:9
- Story Text: South Africa hopes to raise its growth rate to above one percent this year, Trade Minister Rob Davies told Reuters Television in Davos on Wednesday (January 18).
Speaking on the sidelines of the annual World Economic Forum (WEF), Davies said "we are going to end up with a growth rate of lower than one percent. I don't have the figures in yet but lower than one percent which is not good. But I think we are optimistic that we can do a bit better this year."
"Mineral prices have moved up a bit so I think we have room to be slightly optimistic," said Davies.
Planning Minister Jeff Radebe said that the fight of his country's taxi drivers against U.S. company Uber "reminded me of the luddites in the 19th century in England where they were breaking down machines, thinking that that will stop the advance of technology."
"We need to learn in the 21st century that we need to adapt to the new conditions and have responsive and responsible leadership in order to move our people into the future of technology." - Copyright Holder: REUTERS
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