Unlocking growth

11 Dec 2017

Investec Focus

Digital content team

A panel discussion with Stephen Koseff and Pravin Gordhan on driving economic growth in South Africa.

Within the context of the upcoming ANC conference in December and ongoing economic uncertainty, South African individuals and businesses are faced with a difficult task when it comes to moving the country forward.  
 
At a recent event held at Investec, Redi Tlhabi asks Pravin Gordhan, our former Minister of Finance, Stephen Koseff, Investec CEO and Dr Tashmia Ismail-Saville, who heads YES (an NGO and business-led initiative to create one million youth employment opportunities) how entrepreneurs can unlock and drive economic growth.
 
Watch the highlights package below or scroll down for the full video.

Unlocking growth - highlights

"There's opportunity to find great business ideas in the dysfunction."


Dr Tashmia Ismail-Saville

“Ask yourself, what can you do?” – Pravin Gordhan

 

The evening’s discussion was centred around the role of the entrepreneur in shaping a new narrative for South Africa that doesn’t depend on the political situation of the country. Challenging the audience, Gordhan insists that we have an opportunity to ask how we can get an inclusive economy in an inclusive society "while using the current conjunction and the pain that we going through to refashion our economic model."

 

Unemployment and the township economy

 

Dr Tashmia Ismail-Saville spoke to the cost of unemployment and low income that is pulling at the social fabric of our society, and that by just looking at macro economic data it doesn't allow for empathy, which in turn doesn't allow for meaningful change. "Know your neighbour. Get out a little. Entrepreneurs are incredibly special people. They have this magic.  What we’re saying is how you build and what you build is really important today because there's an opportunity to find great business ideas in the dysfunction."

 

The YES initiative
 

We need to uplift society, get money circulating in all areas of the economy and create an environment that encourages growth says Stephen Koseff.  One initiative that he is personally involved in through the CEO's Initiative is the Youth Employment Service (YES), which aims to empower one million unemployed youth by offering them the first chance at a quality work experience.

"We need everyone to play a role here - small business, medium business, large corporates. To play a role in helping youth get employed, help give them a chance and we need to do a lot more on the social front in the form of bursaries, internships, so that people get an idea of what it means to work."

"If we don’t do that, then our society is going to fail because you’re going to have these people that feel hopeless and then they’re going to vote for people who promise them stuff that they never deliver on," says Koseff.

 

For more on YES, please contact Dr Tashmia Ismail-Saville: [email protected] 

 

Unlocking growth - full version

"If the right decisions come out of the [ANC] conference, within a couple of weeks you’re going to see a complete change in confidence. And within a month of two, you’ll feel good about being South African again, you’ll feel more confident about investing your money here."


Pravin Gordhan

"If the right decisions come out of the [ANC] conference, within a couple of weeks you’re going to see a complete change in confidence. And within a month of two, you’ll feel good about being South African again, you’ll feel more confident about investing your money here."


Pravin Gordhan

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00:05: State of the South African economy
09:30: The township economy and challenging the status quote
12:18: The magic of the entrepreneur
13:45: Our current business environment – opportunities versus fear
18:00: December ANC electoral outcomes – what are our options?
20:46: The role of small, medium and large corporates
22:00: The complexity of the governing system and how to solve it
26:30: ‘Taking a country back’ through entrepreneurial mindsets
28:00: Making entrepreneurship sexy again
34:55: The macro picture and state influence
46:14: The role of government
47:25: Lessons for entrepreneurs
50:00: No country, no company and the impact of unemployment
50:46: The YES initiative
52:45: The nuclear deal
57:22: Closing remarks