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EDD budget speech

On the 24th of April 2012, the Minister of Economic Development, Mr. Ebrahim Patel, gave his budget speech - reviewing his Department’s performance over the last year and presenting programme highlights for the 2012/2013 financial year.

The Budget Speech was preceded by a Signing Ceremony in which nine Agreements with key development partners were signed to further the aims of decent jobs and locally-driven economic growth.

The nine economic development Agreements begin to lay down a constructive way forward for multi-stakeholder collaboration in meeting the outcomes of the New Growth Path and its four Accords - National Skills, Basic Education and Partnership with Schools, Local Procurement and the Green Economy. Signatories include stakeholders from international and national development finance institutions, business, local government and local co-operatives (refer to Annex A for list of Agreements and signatories).

Minister Patel emphasized the potential of seemingly small efforts to meet local development outcomes for job creation and economic development if scaled-up.

Click on this link to view the video of Minister Patel's budget vote speech.
View photos taken on the day of the budget vote debate, here.

EDD Departmental Highlights 2011/2012

  • R13.5bn funding approvals by IDC (55% increase)
  • 41 127 jobs created by IDC
  • R19bn market value of IDC portfolio servicing 20 countries
  • R4bn IDC “Jobs Bond” to be taken up by Unemployment Insurance Fund (UIF)
  • 14-year R5bn IDC “Green Bond” to be taken up by Public Investment Corporation (PIC)
  • R345m worth of consent orders granted by the Competition Tribunal
  • 63 merger cases heard by the Competition Tribunal
  • 500 retrenched workers reinstated at Massmart/Wallmart through Competition Appeal Court decision
  • 26% increase in EDD staff
  • R802 000 raised with Social Partners at COP17 to install 500 solar water heaters units in Groutville and Zamani (Ihembe District Municipality, Kwazulu Natal)
  • R200 000 per annum savings by Ujima Bakwena shoe-making Co-operative through EDD facilitated partnership with Mossop Western Leather and United Fram. Ujima Bakwena now supplies leather school shoes to the Gauteng Provincial Government for distribution to poor students.

EDD Budget Highlights 2012/2012

  • Launch of Small Enterprise Finance Agency (SEFA) with a three-year R2bn budget envelop
  • China Development Bank and IDC ten-year US$100m (approximately R800m) lending facility for small businesses in support of 2010 Beijing Declaration
  • Establishment of EDD/South African Institute of Chartered Accountants (SAICA) Business Hub and Training Programme to provide technical assistance to SMEs as well as train 100 accountants to support small businesses (R6m funding from EDD)
  • R76.4m IDC-funded RusselStone green-fields soya crushing facility in Bronkhorstpruit will provide 1000 agricultural jobs
  • Expansion of IDC and Propet R50m facility by R20m to expand polyester fibre manufacturing from recycled plastic bottles and creation of 200 green jobs
  • EDD projected expenditure of 105% demonstrating enhanced implementation capacity
  • EDD/WITS R3.8m partnership to train 200 local government officials in municipal economic development and planning
  • R35 000 per annum saving on locally procured conferencing and meetings filings goods through EDD and Bantex Agreement
  • EDD/Proudly South Africa partnership with R8m allocation for public education campaign promoting the benefits of local procurement and “labels of origin in labour intensive industries


Media Downloads
Newsroom | Speeches | Debate on Budget Vote No 28: Economic Development

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Economic Development Department employees have pledged their commitment to the fight against corruption. Corruption in both the private and public sector has a detrimental effect on government's effort to deliver effective services to the people.  In signing the declaration, employees declare: 'I know, I act, I stop corruption - Fighting corruption is everyone's business.'

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Scam Alert
All Service Providers and Businesses

The Economic Development Department wishes to advise members of the public, particularly those in business, to be alert to a scam utilizing the logo of the Economic Development Department. The fraudsters involved send unsuspecting business operators a Request for Quotations for the provision of Solar Panels.

As the Economic Development Department, we wish to state that we do not have such a project, and therefore beware that the Request for Quotation is not from the Economic Development Department.

Please confirm any request you receive with our Supply Chain Management division on these details 012 394 3579. Report these fraudulent activities to the SAPS or call the Anti Corruption hotline 0800 701 701 or SMS to 39772 or send an email to fraud@economic.gov.za.

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