South Africa's president calls for strengthening local economies to support growth.

South African President Cyril Ramaphosa stressed the importance of promoting local economic development as a key pillar for driving inclusive growth and creating jobs, during his keynote address at the National Summit on Local Economic Development.

Economic summit in Johannesburg 

The president's remarks came during his participation in the National Summit for Local Economic Development, held at the Birchwood Hotel and OR Tambo Convention Centre in Johannesburg, with broad participation from representatives of the government, the private sector, academia and a number of entities concerned with economic development.

This year’s summit is being held under the theme: “Re-engineering local economies: A collaborative plan for small business growth and ease of doing business,” which reflects the trend towards supporting local economic initiatives and stimulating the business environment.

Supporting small businesses and stimulating growth

Ramaphosa stressed that strengthening local economies is the cornerstone of achieving sustainable development, emphasizing that supporting small and medium enterprises directly contributes to reducing unemployment rates and creating new job opportunities.

He noted that the government is working on developing more inclusive economic policies that focus on empowering local communities, improving the business environment, and facilitating procedures for entrepreneurs.

A comprehensive economic vision

The President explained that achieving real economic growth requires an effective partnership between different sectors, including the government, the private sector and academic institutions, to ensure that practical solutions are found for economic challenges.

“Local economic development is the key to creating opportunities for our people,” Ramaphosa said in his speech, stressing that this approach is one of the most important pillars of the government’s plan to promote economic justice.