Deputy President,
Ministers and Deputy Ministers
CEOs of state owned enterprises and development finance institutions,
Leadership of various formations representing black professionals
Invited delegates
Ladies and gentlemen

Good morning and welcome to this historic session.

A meeting between the democratic government and black professionals is very important. 

You are key stakeholders and your views and participation are required as we build a National Democratic Society – one that is united, nonracial, nonsexist, democratic and prosperous. It is for this reason that we have convened this meeting.

We believe it is important that you be given a first-hand account of the policy positions of government, especially with regards to the National Development Plan, economic transformation as well as nation building and the fight against racism.

Compatriots,

We meet during a difficult period. 

The global economy continues to experience challenges, and that affects our own economy as well, because we are an integral part of the global economy.

Currencies of emerging markets have become weak and fluctuate widely. Prices of gold, platinum, coal and other minerals that we sell to the rest of the world have dropped significantly and continue to be low.

Our economy is also affected by internal constraints such as the energy shortage, labour instability at times, skills shortages and also the structure of the economy, which is still racially-skewed in ownership, management and control.
 
The IMF and the World Bank predict that the South African economy will grow by less than 1 per cent this year.

Due to this subdued economic performance, on the 13 January we decided to review and revise the fiscal framework that was published in October last year. 

We have agreed to adjust expenditure down and we have discussed and agreed the specific measures by means of which this will be achieved. 

The situation is quite serious and requires that we all play our part to remove constraints to growth, while also continuing with the tasks of economic transformation.

On the government, side cost containment measures are being introduced and all accounting officers and managers will ensure compliance. 

Public funds must be spent on the core business of government, which is to deliver a better life for all our people.

The Budget that the Minister of Finance will table on the 24th February will set out more details of the collective decisions that  Cabinet has taken to boost economic growth while promoting fiscal consolidation and prudence.
 
We shall do all of this without stopping infrastructure projects and without cutting pro-poor social programmes. 

Compatriots,

We cannot change the global economic conditions, but we can do a lot to change the local conditions. 

That is why you are here today. You have a role to play in boosting economic growth and job creation in all the sectors that you operate in. 

You have a role to play in promoting radical economic transformation.

And you have a role to play in the implementation of the National Development Plan, which has now been built into the programme of government, to build a more prosperous society. You will receive a presentation on the implementation by government today.

I have met with the business sector to discuss a strong partnership for inclusive growth and job creation. Today we meet with black professionals. 

Next we shall be meeting labour.
 
We will be meeting all key stakeholders as we cement partnerships to take our country forward.

I look forward to a fruitful discussion.

I thank you.