Gauteng MEC for finance and economic development Lebogang Maile says one of the key projects the new administration will focus on is revenue collection.
Maile on Sunday briefed the media on the state of Gauteng’s economy and finances.
“This priority is anchored around the increase of the existing own revenue resources and modernization of processes to increase efficiency, cost-effectiveness, and client satisfaction and eliminate loopholes in terms of collection mechanisms.
“Through financial and economic planning and specifically, infrastructure development, the provincial government aims to generate revenue in order to ensure the provision of services and reindustrialization efforts. Critical to this will be promoting compliance and leveraging public procurement to promote the township economy.”
He said there would be clear targets set for relevant officials and such targets will be reflected in the provincial budget in the next iteration of the Medium-Term Expenditure Framework.
Maile said efforts to finalise the establishment of a provincial state-bank would be intensified. “One of the key objectives of this bank will be investing in projects characterised by low private sector investment and high social return.
“A full business plan informed by a thorough business case is underway and will be completed by the end of this financial year.”
He said youth, women, and people with disabilities were the face of challenges faced by the province.
“As such, the department will increase its pace in improving the access of these social categories to development finance, artisanal skills, technology, and economic infrastructure closest to their areas of residence.
“An urgent summit with non-governmental organizations and community-based organizations operating in these crucial areas of development will be convened in tandem with the relevant departments in the course of the next financial year.
“Through these and other interventions, some of the more salient challenges confronting the provincial fiscus and the standard of living of Gauteng residents will be alleviated. Over the coming weeks, more plans in the pipeline for the Gauteng economy will be announced, in line with ensuring transparency and accountability to the residents of the province,” Maile said.
He said a “structural transformation of the regional economy in sectors like chemicals, clothing, textile, leather and footwear, electronics, aerospace, and construction will see us contribute to increased skills, technology, finance, and infrastructure growth in marginalized areas”.
“These areas should increase their economic output proportionally and participate in high-value industries too.
“Linked to this, the department will establish a provincial government-owned pharmaceutical company that will prioritise the production of vaccines. A business case and business plan for this project will be done in this financial year,” said Maile.
-SL
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