It is hoped that the adoption of the draft Free State Local Economic Development and Transformation Bill will tighten business compliance with regulations, legislation and bylaws. It stems from gross non-compliance in the informal, small and micro enterprises in townships.<\/p>\n\n\n\n
According to Makalo Mohale, MEC for Economic, Small Business Development, Tourism and Environmental Affairs, the adoption of the bill would be far-reaching, addressing challenges in the enterprise sector and enhancing the participation of Free State citizens and youth in the economy. <\/p>\n\n\n\n
Mohale briefed the media on 18 January, outlining the progress on the draft bill and the development of economic sector master plans.<\/p>\n\n\n\n
He said the department\u2019s Consumer Protection Office had, during regular inspections, discovered non-compliance to legislation in municipalities across the province. <\/p>\n\n\n\n
He envisages the bill, due for adoption by the Free State Legislature, will help to curb the youth unemployment rate in the province. Statistics South Africa (Stats SA) revealed at the end of November that the Free State unemployment rate stood at 45,8%, which translates to an increase of 7,7% in the third quarter.<\/p>\n\n\n\n
\u201cThis bill, once adopted by the legislature, will create an appropriate business regulatory environment which will deal with challenges whilst creating an environment conducive to economic growth and transformation,\u201d said Mohale. <\/p>\n\n\n\n
\u201cThis bill seeks to facilitate and promote inclusive economic growth along a transformative paradigm in order to build a cohesive and an equal society.\u201d <\/p>\n\n\n\n
According to Mohale, the bill aims to fast-track the establishment of an inclusive economy that will harness the potential of all citizens with permanent South African residency and diversify ownership patterns. It will also facilitate access by new entrants into all sectors of the economy. <\/p>\n\n\n\n
The bill proposes, among other things, that Free State municipalities maintain quotas for ownership \u2013 involving no more than 20% of foreign ownership of businesses in their areas of jurisdiction \u2013 and prioritise South African citizens in economic activities.<\/p>\n\n\n\n
Mohale pointed out that the bill would be key in complementing economic recovery and job creation. <\/p>\n\n\n\n
To fast-track this process, he said the department had developed the master plan underpinned by 11 strategies for economic recovery in specific sectors of the Free State economy. <\/p>\n\n\n\n
According to Stats SA, the Free State\u2019s contribution to gross domestic product (GDP) is 5,14%.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is hoped that the adoption of the draft Free State Local Economic Development and Transformation Bill will tighten business compliance with regulations, legislation and bylaws. 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