CABINET APPRECIATES GDP CONTRIBUTION OF CATERING & ACCOMMODATION SECTORS
In recent times, we noted the increased attention Cabinet is giving to the performance and developments within the travel and tourism sector. In its recent meeting of 15th March 2017, Cabinet noted with appreciation the Trade, Catering and Accommodation industry’s significant contribution (YOY increase of 2.1%) to the latest national GDP figures released by StatsSA. It looks like this trend is going to increase and we will keep providing you with such feedback whenever the sector is discussed in Cabinet meetings – it is after all, the central decision making structure of Government.
Other highlights from the meeting include:
- Cabinet urged all South Africans to continue using water efficiently as it remains a scarce resource. The persistent drought in the Western Cape was noted as dire, despite water saving strategies being implemented
- On economic transformation, the Industrial Development Corporation’s (IDC) funding for black industrialists amounted to R4.575bn (Q1 2015/16 – Q3 2016/17)
- On investment, government through Invest SA has identified 40 high-impact projects that are ready for implementation within the next two years. Also, support from the DTI attracted R4bn in private-sector investment, saving and creating approximately 3 614 jobs. Cabinet also heard that President Zuma will launch the Invest SA National One Stop Shop on Friday 17 March in Pretoria. Click here to read the President’s statement at the launch
- During the reporting quarter, The Department of Small Business Development supported 1 388 township enterprises and 48 co-operatives through incentives.
Click here to view the full Cabinet Meeting Statement of 15 March 2017