Teams of representatives from the government, business, labour, civil society and academia have begun working on plans to unlock the economic potential of South Africa's oceans, in the first activation of a new initiative, dubbed Operation Phakisa, that was launched by President Jacob Zuma on the weekend.
The South African Reserve Bank has raised its benchmark repo rate by 25 basis points, while slightly lowering its economic growth forecast. Governor Gill Marcus has called for a speedy resolution of the metalworkers' strike, saying it is crucial for business and labour to re-establish mutual trust.
The government aims to help South Africa's automotive sector to double its vehicle production by 2020, President Jacob Zuma said at the unveiling of Chinese company First Automotive Works' new truck manufacturing plant outside Port Elizabeth on Thursday.
Gibela Transport, a joint venture 61% owned by French company Alstom, has begun manufacturing the 600 state-of-the-art passenger trains, comprising 3 600 coaches, that are set to revitalise South African rail transport while giving a major boost to the industrialisation of the economy.
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