South African President, Cyril Ramaphosa, said, the government is making efforts to address “deep” and “structural” problems in economy, including electricity crisis, inefficiency of railways and ports and reluctance to invest.
The government is accelerating the implementation of “far-reaching structural reforms,” to modernise and transform these industries, unlock investment, reduce costs and increase competitiveness and growth, Ramaphosa said, during his annual State of the Nation Address.
Several new energy generation projects will come online over the next few years, to offset the electricity supply shortfall of around 4,000 MW, he said, adding that, the country is implementing fundamental changes to the structure of the electricity sector.
Amendments to the Electricity Regulation Act have been approved on Wednesday, to enable a competitive market for electricity generation and the establishment of an independent state-owned transmission company, he said.
Efforts to deal with functioning of ports is currently focused on improving operational efficiencies, through procuring additional equipment and reducing congestion, he said.
The president also announced that, South Africa will unlock new spectrum for mobile telecommunications for the first time in over a decade, commencing the public auction of high frequency communications spectrum.
Other methods include, attracting skilled immigrants by streamlining and modernising the visa application process; prioritising institutional reforms in water sector, to ensure water security, investment and maintenance; unleashing the potential of small, micro and informal businesses; reducing red tape, to improve the business environment for companies of all sizes, among others.
Source: NAM NEWS NETWORK