Page 2 - KZN Business Sense - Vol6 No3 - eBook

COMMENT ON 2020 SUPPLEMENTARY

BUDGET SPEECH

Nigel Ward, President of the Durban believes there is an urgent need R1,43 trillion to R1,12 trillion) Driving Job Creation
Chamber of Commerce and Industry for economic reforms to ensure for the 2020/21 fiscal year. It is The rise in unemployment KWAZULU-NATAL BUSINESS
the economic recovery of South no surprise, given South Africa’s has not come as a surprise.
Africa and we agree with the weak economic activity and the The nationwide lockdown has CHAMBERS COUNCIL :
he Durban Chamber of Minister’s assessment that the depressed job market. We believe Chairperson: Judith Nzimande
Commerce and Industry country needs to work hard to that lifting the ban on tobacco translated into huge losses for Secretariat: Lihle Msweli
Twelcomes the opportunity reduce our overall expenditure trade will contribute towards several businesses across various T: +27 (0)35 797 1807
to comment on the 2020 and stabilise debt. Policies and mitigating revenue losses. sectors of the economy, causing M: +27 (0)83 571 0486
Supplementary Budget Speech decisions of the government need a spike in retrenchments and job
delivered by the Honourable, to be in the best interest of the Debt-GDP Ratio losses due to business closures Address: ZCBF Community Park,
Mr Tito Titus Mboweni, business community and more The Durban Chamber of and limited/reduced economic Gate 5, Business Community
activity. While the supplementary
Minister of Finance of the deliberate in order to encourage Commerce and Industry notes budget has outlined medium- Building 1st Floor, Guldengracht
Republic of South Africa, on and empower inclusive and the projected debt level of 81.8% term responses, the Durban Street, Richards Bay, KwaZulu-
Wednesday, 24 June 2020. sustainable economic growth and of gross domestic product (GDP). Chamber believes robust Natal, South Africa
development. While the risk- The projected shortfall in tax dialogues between the public Email: LMsweli@kbcc.co.za
Economic Glance adjusted approach is necessary, revenue poses a huge threat to and private sector need to be Website: www.kznchamber.co.za
With the South African we encourage government to South Africa›s fiscus. There is an prioritised to ensure sustainable
economy expected to contract work with the private sector to urgent need for the government solutions are achieved.
by 7,2% in 2020 and the high ensure the lifting of restrictions is to limit its borrowing and reduce development, given its positive
unemployment rate of 30.1%, it is rational and based on empirical debt levels. The Durban Chamber Infrastructure economic spin-offs. However,
clear that South Africa’s economy data and scientific facts. urges government to proactively The Durban Chamber there needs to be strong public-
is struggling and that as a country reduce unnecessary expenditure supports the prioritisation of private partnerships to yield
we face a “Herculean task” to Revised Fiscal Framework and re-evaluate the «limitless» infrastructure development. positive results. 
avoid a sovereign debt crisis by The Durban Chamber of loan guarantees and bailouts Infrastructure development will
2023. The Durban Chamber Commerce and Industry notes extended to failing state-owned catalyse inclusive and sustainable For more information, visit
of Commerce and Industry the revised gross revenue (from enterprises (SOEs). socio-economic growth and www.durbanchamber.co.za

LAUNCH OF THE

MINARA HOME

BUSINESS SUPPORT

DESK

uring the Covid-19 more importantly as South
pandemic and lockdown Africans tighten their budgets
Drestrictions many home on expenses.
businesses have lost their only
living daily income to survive Small home businesses
Photo courtesy of AOS Consulting Engineers through this programme will
as many are women owned and be mentored, educated and
NEW OFFICES FOR PMCB are the only breadwinners for advised through our network
their families. Home industries
include products from and of business leaders and partner
not limited to food, clothing, organisations on additional
Jade le Roux the pandemic was not the reason things pan out in light of the beauty care, hygiene are being support that can be accessed. 
behind the move. pandemic. promoted on a daily basis to
t’s an exciting new chapter “It’s been something we “PMCB is excited about this earn an income. For further information
for Pietermaritzburg and considered for a while, but I guess change. We are looking forward E: kzn@minara.org.za
IMidlands Chamber of Business we’ve been slow to act up until to being in a more modern The Minara Chamber of W: www.minara.org.za
(PMCB). They have moved from now. Sometimes you plan to do environment,” Veness said.  Commerce continues to
their current offices at the Royal something, but then you just get maintain its objective to support
Agricultural Society (RAS) comfortable. The timing has been Source, www.capitalnewspapers.co.za businesses and empowering our
showgrounds. convenient,” she explained. (edited) community, and as a vehicle
W: www.pmcb.org.za to steer, empower and educate
MCB CEO, Melanie Veness, said Liberty Midlands Mall has SMMEs we have a created
the timing was convenient since offered the PMCB office space that this help desk to specifically
most of the RAS buildings are will be a more affordable option assist home businesses that
now being used as a temporary than where they currently are. have been greatly impacted
quarantine field hospital during They have signed a year’s contract during this lockdown with
the Covid-19 pandemic. However, for now, and will wait to see how restrictions on businesses and

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