In a bid to boost private investment, the KwaZulu-Natal Treasury has announced it will host a summit
Image: Picture: Doctor Ngcobo/Independent Newspapers
In a bid to boost private investment, the KwaZulu-Natal Treasury has announced it will host a summit on May 23, focused on public-private partnerships (PPPs).
Finance member of the executive council (MEC) Francois Rodgers said the summit would provide a platform to explore opportunities for collaboration between the public and private sectors, with particular emphasis on unpacking the new legislation governing PPPs.
"On May 23, KwaZulu-Natal Treasury will be hosting a summit to discuss public-private partnerships and we will be unpacking the new legislation dealing with public-private partnerships," Rodgers said.
The MEC explained that the summit is one of the “ingenuitive” ways in which the Government of Provincial Unity (GPU), a coalition between the African National Congress (ANC), Inkatha Freedom Party (IFP), and Democratic Alliance (DA), is working to encourage private investment.
"This is one of the ingenuitive ways that we believe as Government of Provincial Unity (GPU) we can encourage private investment to work with the government to create a sustainable economy and to build jobs," Rodgers said.
The summit comes in the wake of legislative changes to public-private partnership laws in South Africa.
In February, Finance Minister Enoch Godongwana unveiled amendments to National Treasury Regulation 16, designed to streamline the approval process for PPP projects, especially smaller ones, with the aim of drawing in more private sector investment.
Earlier this year, National Treasury explained that the Government sees public-private partnerships as a key way to deliver essential infrastructure and reduce pressure on government finances, based on their success in sectors like transportation.
"While the economic landscape has significantly changed over the years, the PPP regulatory framework has remained unchanged for close to 15 years.
"Despite the early success of the PPP model in South Africa, the number of new project transactions has declined over the past ten years, decreasing from an estimated R10.7 billion in 2011/12 to R7.1 billion in 2022/23."
IOL previously reported that Rodgers has emphasised the need for the province to explore new revenue streams, including the taxation of online gaming and betting.
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