Business, state relationship on a high — Koseff
Business and the government have the best relationship they’ve had in 40years, according to Investec CEO Stephen Koseff. Speaking during a session at an economic workshop hosted by the Gordon Institute of Business Science last week, he said cooperation between the two was the way to fix SA.
Business and the government have the best relationship they have had in 40 years, according to Investec CEO Stephen Koseff, who says co-operation between the two is the only way to fix the country.
“We have good infrastructure, a strong banking system. We need to challenge [President Jacob] Zuma and his counterparts. We have a strong stock exchange and capital markets, and we have the ability to finance large projects,” said Koseff during a session at an economic workshop hosted by the Gordon Institute of Business Science last week.
The Investec CEO touched on wide-ranging issues affecting the economy and the relationship between business and the government during his talk.
He said the lack of jobs in mining and manufacturing had given rise to Brexit and US President Donald Trump. “People are being replaced [by machines] and the reality is that these jobs aren’t coming back.”
A total of 65,000 jobs have been lost in the South African mining industry since the last quarter of 2015.
The only solution, according to Koseff, was inclusive transformation through social upliftment and skills development.
“Capitalism and business need a human face. As a developing country, business needs to partner with government.
“Business thought social responsibility was enough. Our voice was too soft but that has changed,” he said.
In July, Koseff will sign an agreement with the government for 330,000 more paid internships a year in a bid to tackle unemployment.
Business Unity SA president and Business Leadership SA chairman Jabu Mabuza said: “We need to come out with what business wants to be done.”