Parks Tau Vows to Accelerate Industrial Policy and Economic Transformation

Tau committed to collaborating with the private sector to identify priority areas to accelerate the implementation of industrial policy and economic transformation.

Trade, Industry, and Competition Minister Parks Tau emphasized that the new leadership of his department will focus on accelerating the implementation of existing industry policies and economic transformation, rather than reinventing the wheel.

In an interview with SABC News on Monday night, Minister Tau highlighted that the Government of National Unity (GNU) is guided by a Statement of Intent which outlines clear commitments to the economic agenda of the 7th Administration.

“The underlying principles of the GNU include the need for social equity, redress, and social justice. Part of our minimum programme, as adopted in the Statement of Intent, directly focuses on industrialisation and job creation, as well as economic transformation,” Tau stated.

He affirmed the department’s mandate, stating, “Our task is to focus our energy on implementation. We have progressed through various phases of industrial policy in a democratic South Africa. We will assess where our industrial policy stands, starting with the sector master plans as mechanisms for policy implementation.”

Tau committed to collaborating with the private sector to identify priority areas to accelerate the implementation of industrial policy and economic transformation. “We do not have to start from scratch. There are nine industry-based sector master plans already adopted. Our focus is to bring critical stakeholders together to transform these plans into actionable results to boost industrialisation, economic growth, job creation, and transformation.”

The Minister also pledged to work with all 18 entities of the department to ensure proper coordination and maximum impact. “It is important that we work collectively with all agencies and align our efforts. We will articulate the government's key priorities and collaborate to achieve them,” he explained.

Additionally, Tau will host a dedicated session to address how Broad-Based Black Economic Empowerment (BBBEE) can be accelerated. “We need to address gaps identified by businesses in the implementation of BBBEE, as we believe transformation should underpin our department's work,” he said.

Minister Tau expressed confidence in working with the new Deputy Ministers, Andrew Whitfield from the Democratic Alliance and Zuko Godlimpi. “I do not foresee any challenges working with the new Deputy Ministers. We have already identified specific areas for close collaboration, and our working relationship has started off well.”

The immediate task for the new leadership is to ensure stability within the department and its entities by filling critical vacant positions, including the Director-General of the department and CEOs of major entities like the National Empowerment Fund and the Industrial Development Corporation.

“Stabilisation is our first agenda. Our second major task is focusing on industrialisation, re-industrialisation, and economic transformation, in partnership with the private sector, which plays a critical role in our efforts,” Tau concluded.