Premier candidates and senior members of political parties in KwaZulu-Natal participated in the Independent Media Election Dialogue at Regent Business School in Durban on Thursday, discussing their views on challenges that affect the economy, business and society.
The panel was made up of Nhlakanipho Ntombela (ANC), Mzamo Billy (DA), Zwakele Mncwango (ActionSA), Seelan Archery (African Movement Congress) and Ntokozo Biyela (Build One South Africa).
Responding to business-related questions posed by The Mercury’s editor Philani Mazibuko, the panellists shared how their respective parties would address the burning issues the country is facing should they come into power.
On the topic of direct foreign investment Billy, who is the DA eThekwini deputy caucus leader, said there had been less appetite for foreign direct investment in the country due to mismanagement, corruption and cadre deployment, among many other challenges in government.
“This is the main reason why foreign investors are no longer seeing SA as a country that they can trust putting their money into and that’s a serious challenge that we need to have a very honest conversation about,” he said.
Billy said if the country cannot change perceptions, then the flight of investors will escalate and become worse.
“If there is less foreign investment in the country, it means that there will be less employment opportunities, less revenue for the government and ultimately our economy will face a possible collapse.”
He added that there was an urgent need to support small businesses, which should be the country’s biggest employers.
ANC provincial executive committee (PEC) member Ntombela said apart from foreign investors, local businesses should also invest in the country.
“The local businesses (have) got trillions saved in their banks which could be utilised to invest in developing our economy, creating employment opportunities for the locals.
“Even former president Thabo Mbeki once asked about the trillions that multinationals have saved in their banks. It is foreign companies that are showing an appetite in investing in this country while local businesses don’t show the same enthusiasm,” he said.
Asked about how his party would turn around failing state-owned enterprises (SOEs), ActionSA’s premier candidate, Mncwango, said the country was in need of ethical leadership.
“We need to ensure that we remove politics out of state entities and ensure that they are run like private entities where there is accountability. We can’t have a situation where you continuously rescue the business that is falling apart,” he said.
Mncwango said corruption also needed to be removed. “It is vital that when we get into power we appoint boards who understand what needs to be done. Every entity needs someone with relevant expertise and experience.”
He said all the SOEs were dysfunctional and some, such as Eskom, could not be rescued.
“As ActionSA we will make sure we remove politics and appoint people on merit who understand the work and know exactly what we need to do to save our country,” said Mncwango.
Ntombela acknowledged that while there have been challenges with SOEs, there has been a lot of progress made.
“For the first time, the SABC did not need a bailout from the government and for the first time SAA did not need a bailout from the government.
“They stabilised themselves, there is stability and progress moving forward,” he said.
The AMC’s Archery addressed the issue of whether the South African Reserve Bank (SARB) should maintain the status quo of using interest rates to keep inflation low. He said South Africa was an independent country and should be in control of the Reserve Bank.
Archery said the state should have ownership of the Reserve Bank, and not shareholders who tell the government what to do.
“We should take over the Reserve Bank and own it 100% and if Western countries want to come in, they should negotiate that with the South African government,” he said.
Bosa’s premier candidate, Biyela, shared his views on broad-based black economic empowerment (B-BBEE) and whether it should be retained or dismantled.
He said should his party be voted into power, it will not disband B-BBEE but will reconfigure it to serve the people it was meant to serve.
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He said having been in business for 18 years, he has realised that B-BBEE has only benefited certain connected individuals and caused a hindrance to the success of many businesses.
The Mercury