President Cyril Ramaphosa has told Parliament during a question and answer session that the South African economy has proved resilient against the COVID-19 pandemic and is also weathering the effects of the conflict in Ukraine.
South Africa is a major exporter of industrial commodities like platinum group of metals.
The prices of these metals has risen sharply after Russia’s invasion of Ukraine.
President Ramaphosa answers questions in Parliament:
Russia is also a major exporter of metals and has been slapped with stiff sanctions.
The President says his administration is focused on protecting public finances during this difficult time but also on supporting South Africans hit hard by the pandemic and the rising cost of living.
On Tuesday, President Ramaphosa emphasised the importance of producing and buying locally to boost the country’s economy at a time when it has been brought to its knees by the COVID-19 pandemic.
Video: Buy Local Summit and Expo I SEDA, SEFA and CBDA merged: Ndabeni-Abrahams
The President delivered a virtual address at the 10th annual Buy Local Summit and Exco on Tuesday in Sandton, Johannesburg.
The summit aimed to inform, educate and equip entrepreneurs in creating jobs and rebuilding the economy by producing locally.
The President says this will assist revive South Africa’s ailing economy.
President Ramaphosa said the pandemic has exposed global supply chains.
“The economic damage caused by the COVID-19 pandemic has placed even greater demands on our economy to provide employment and livelihood opportunities. The pandemic has both exposed the fragility of global supply chains and revealed the great capacity we have here in South Africa for innovation and adaptation in manufacturing.
In a space of just two years, through collaboration and out of necessity, we managed to build local production capability in ventilators, hand sanitisers, medical-grade face masks and gloves as well as vaccines and therapeutic drugs and anesthetics,” said the President.
