(MENAFN- EIN Presswire)
The Eastern Cape's efforts of growing its Economy are set to experience a major transformation with the establishment of the Provincial investment Council (PIC), a new advisory board launched to accelerate investment, drive growth, and create sustainable employment opportunities.
Chaired by Premier Lubabalo Oscar Mabuyane, the PIC convened for its inaugural meeting in East London this week to map its way forward, marking a pivotal moment for the province and demonstrating a robust commitment to partnerships between government and the private sector.
The Provincial Investment Council will center its efforts on four key areas critical to the Eastern Cape's long-term economic health: investment promotion and attraction, economic diversification and sector development, trade promotion as well as infrastructure development and financing.
The PIC was first announced at the Eastern Cape 2023 Investment Conference, where an impressive R127 billion investment commitments was declared, a part of the R173 billion investments into the province since 2019, demonstrating the province's growing appeal as a strategic investment destination.
The Council's primary role is to act as a dynamic, impartial advisory board that channels expert insights into economic policy and investment decisions, serving as a foundation for sustainable development across the province.
Premier Mabuyane highlighted that the PIC would be distinct from past advisory bodies, designed specifically to streamline the investment process, address bureaucratic hurdles, and provide timely, authoritative recommendations to foster a conducive environment for investors.
“Our vision for the PIC is to become a catalytic platform for economic transformation as well as about an Eastern Cape that is alive with possibilities, where every sector; be it automotive, tourism, agriculture, or renewable energy, can contribute to an inclusive and thriving economy.”
“The Council is intended to assist in improving investment coordination and cooperation across all tiers of government and further enhance interactions and collaboration between government and industry stakeholders on trade and investment matters”, the Premier said.
As part of its mandate, the PIC will bring together influential figures from across sectors to ensure alignment with provincial economic goals. Members include leaders in areas such as automotive, ICT, tourism, agriculture, and renewable energy, reflecting a diverse array of expertise essential for an integrated growth strategy.
PIC members include leaders of national and provincial businesses and associations including, South African Operations, Aspen Pharmacare CEO Christiaan Theron, CEO of Isuzu Motors Billy Tom, Managing Director and Chairperson of Volkswagen Group South Africa Martina Biene, Group CEO at African Pioneer Group Steven Dondolo, CEO of National Association of Automobile Manufacturers of South Africa (NAAMSA) Mike Mabasa as well as CEOs of provincial state entities.
The PIC's establishment symbolizes a united approach to growth. This shared vision is aimed at creating an environment where investment flows freely, regulatory obstacles are minimized, and local businesses, particularly small enterprises, have the support needed to flourish.
Media enquiries: Khuselwa Rantjie
General Manager: Provincial Communication Service / Spokesperson to the Premier & Government
Cell: 082 728 7476
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