Following President Cyril Ramaphosa’s announcement of a Government of National Unity (GNU), sentiment within the KwaZulu-Natal business community is cautiously optimistic, according to Solly Suleman, President of the Minara Chamber of Commerce.
Suleman said the announcement of a GNU by President Cyril Ramaphosa has the potential to be beneficial for the country.
“Such an initiative aims to foster greater political stability, inclusivity, and cooperation among different political factions. This can lead to more effective governance and policy implementation, which are crucial for economic growth and development,” Suleman said.
“A unified government could also help to restore investor confidence and create a more conducive environment for business operations.”
Suleman stated that the province has experienced economic challenges, and the promise of a more stable and unified government will likely be welcomed by the business community.
“Businesses are hopeful that this political stability will lead to improved security, better infrastructure, and a more favourable business climate,” Suleman said.
However, a lot depends on the implementation of policies and the government's ability to address important issues including corruption, crime, and regulatory burdens.
Melanie Veness, CEO of the Pietermaritzburg Chamber of Business, emphasised that following the elections, and with the future of the GNU still uncertain, KwaZulu-Natal needs safety, security, and stability.
“We’re seen as volatile and unsafe, which is extremely damaging to our image and our economy as it drives disinvestment, hampers the emergence and growth of new SMMEs, discourages tourism and donor funding,” Veness said.
Suleman also addressed what businesses are looking for following the elections.
“The business community is looking for tangible actions and policies that will create a more stable, secure, and conducive environment for business operations and economic growth,” Suleman said.
According to Veness, challenges such as unemployment, inequality, and poverty need to be addressed, and this can only be achieved if the environment is conducive to growth.
“To retain and attract investment, and to grow new businesses, the environment needs to be safe and secure and have reliable infrastructure. Businesses need to be able to access the necessary skills and we need a functioning logistics system,” Veness said.
“This means that there has to be an all-hands-on-deck approach, a setting aside of personal agendas and working together for the prosperity of the province and the country.”
IOL Business