Economic growth in the North West remains slow despite the province’s abundant mineral resources, according to Acting Premier Nono Maloyi.
“While our province is endowed with vast mineral deposits, we continue to be inundated by high levels of poverty and unemployment.
“Economic growth remains sluggish, and this has had an adverse impact on our efforts to
create jobs for our people,” Maloyi said on Tuesday, delivering his State of the Province Address (SOPA).
However, the Acting Premier, announced that there are encouraging signs of recovery.
During his speech to the provincial legislature, he highlighted that the North West was one of only three provinces that experienced significant employment growth in the third quarter of 2023, resulting in the creation of over 61 000 jobs.
“The unemployment rate in the North West gives us sleepless nights, particularly because it affects mainly women and the youth.”
According to Maloyi, two investment promotion events were held with major investors.
These include the North West BRICS Investment Conference held during the BRICS Summit last year and the Premier’s Dinner with investors in September 2023 at Sun City, of which both events have yielded positive outcomes.
Both initiatives yielded 34 investment pledges with a total value of over R104.1 billion.
To date, Maloyi told the members, 14 have confirmed investment projects to the tune of R13.5 billion, which are in the pipeline for the Bojanala Special Economic Zone.
These investments will create an additional 10 000 jobs.
Tourism
Meanwhile, he said the province’s Tourism Recovery Plan has begun to realise growth in the number of both domestic and international visitors.
“Between 2022 and 2023 our industry has risen from the ashes of the COVID-19 pandemic, and this has generated R6.9 billion in revenue for the province thereby creating and preserving 24 000 jobs.”
He said this government has already started the process of revitalising the Pilanesberg and George Dick Montshiwa Airports.
“Both these airports will add capacity to the province to grow tourism and open new economic frontiers in cargo hauling, hanger, and airline services. We have sent Request for Proposals for running these two airports and lure investments,” he explained, adding that the preferred bidders will commence work by May this year.
In addition, the Acting Premier announced that the agricultural sector is yet to reach its full potential through the meaningful participation of emerging farmers in this growing sector.
Economic policy
“Honourable Speaker, economic development challenges require coherent policy responses backed-up by long-term planning.”
In addition, the province has now finalised the Provincial Growth and Development Strategy (PGDS) with a primary aim to provide a broad economic policy-planning guide and anchor interventions to meet the goals as set out in the National Development Plan 2030.
This, he said, has now enabled the provincial government to complete the resuscitation of the Premier’s Economic Advisory Council.
The council will provide strategic support and coordination in the implementation of the Provincial Growth and Development Strategy, and promote integrated economic planning and sector contributions.
Internships
During this financial year, close to 900 internships and learnerships benefitted young people in various departments, municipalities, State-owned entities (SOEs) and the Sector Education and Training Authority (SETAs).
He announced that the North West would prioritise young people in various infrastructure projects that will be rolled out in the 2024/25 financial year.
“Women are the backbone of our provincial economy. Eight women-led cooperatives and individuals will benefit from R1.4 million, which has been set aside for their upskilling and business growth.” – SAnews.gov.za
