Over the past six months, business, labour and the government have worked together as a united front on various initiatives aimed at averting a ratings downgrade, and creating higher levels of sustainable, inclusive growth. The confirmation of the country’s sovereign credit rating at investment grade by S&P is encouraging news in this regard, and important as this is, it is one milestone on the road to ensuring growth at levels necessary to meaningfully address unemployment, poverty and inequality.

We are thus energised by the ratings announcement to work even harder together to ensure inclusive growth. We also remain committed to working with social partners to support fiscal prudence and policy certainty as these are vital foundations for inclusive growth.

The group of 90 CEOs that has been working with government and labour are invested in this economy for the long term. A prosperous and inclusive South Africa is in all our interests, if we are to have a sustainable future.

To this end, we have focused on three critical initiatives:

• The structuring of a Private Sector-led Entrepreneurship Fund to provide equity to high growth small and medium enterprises. The fund will be launched with an initial capital of approximately R 1.5 billion, raised from top JSE and other companies. The Government has committed to contributing to the fund.
• Exploring investment opportunities and inhibitors to growth in tourism, agriculture and other sectors to develop investment projects for corporates operating in these sectors. Senior corporate finance teams have been meeting CEOs from corporates in these sectors to structure investment opportunities. This team is also looking at how the private sector can support Government’s efforts to strengthen the SOEs.
• A third team worked on a nine-point plan to maintain the country’s sovereign rating.

We have made significant progress in all these initiatives, but their ultimate success depends on the involvement of all social partners and it is critical that we all speak with one voice and agree that higher levels of inclusive growth, and the increased jobs that it brings with it, is the single most important goal we must work towards. It has been encouraging to note the various voices in civil society expressing their commitment to the country, and we hope the good work done in these different sections will continue. We believe everyone in society is aware of the immense task that still lies ahead to ensure that our country and its people can fulfil their potential.

A critical element for success is the strength of our institutions, including the Constitutional Court, Public Protector, National Prosecuting Authority and security institutions. Rating agencies, in our engagement with them, have stressed the importance of these institutions to sustainable economic growth and the crucial need for them to remain transparent, independent and impartial. We remain committed to supporting the integrity of our institutions and a clear vision for the long-term sustainability of our country and will intensify all efforts to achieve this. The integrity of our institutions, and their efficiency, instils investor confidence and emphasises a fair and effective justice system, property rights and security.

We must now all put national interest at the top of our agenda. In this regard we are singularly focused on creating higher levels of sustainable and inclusive growth, and call on all South Africans to support this goal, in deeds, action and expression.