Stephen Koseff on “accelerated inclusive growth”15 August 2017
The Investec Group Chief Executive on why business, in partnership with government, has a crucial role to play in driving South Africa’s economic growth.
Stephen Koseff, Chief Executive, Investec Group, called on business to play their part in South Africa’s recovery at the recent Investec Wealth Forum.
Citing a need for what he calls “accelerated, urban-led, private sector-driven growth targeted at mass unemployment”, Koseff told over 2,000 Investec Wealth & Investment clients (at an event in Cape Town and Johannesburg) that “we can’t blame the world for our recession”, and that as a society South Africans need to come together to create “a new social pact that transcends ideologies and backgrounds”.
Mass unemployment and the “rot in state-owned enterprises” are two of the biggest challenges South Africa faces, said Koseff.
He pointed to the need for business to be viewed as a “national asset” because it is business alone who can create jobs and stimulate growth.
Watch the video here:
Jump to the topics that interest you using the time codes below:
00:05: “The financial crisis caused a big gap between the haves and the have nots”
01:01: Emerging markets “struggling along”, only India and China have shown a “growth trajectory”
02:18: South Africa’s biggest challenge is our 28% unemployment
03:15: The relationship between business and government in South Africa
03:39: The Public Protector and the South African Reserve Bank
04:30: “We can’t blame the world for our recession”
04:46: “It’s only business that can really help government lead South Africa out of this melee”
05:39: South Africa must build on its strengths. “There are a whole host of areas where we as a society can create jobs”
06:34: “We need accelerated inclusive growth”
06:50: In South Africa, “we need a new social pact that transcends ideologies and backgrounds”
07:14: We need to “stop the rot in state-owned enterprises”
08:10: Business and individuals have a role to play in changing the landscape and the narrative
Koseff also discussed “accelerated inclusive growth” and the role business has to play with Governor of the South African Reserve Bank, Lesetja Kganyago, and Fani Titi (Investec Chairman), on a panel moderated by Redi Tlhabi. View the video here.