The review observes that and I quote With many countries experiencing lower

The review observes that and i quote with many

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The review observes that and I quote: With many countries experiencing lower economic growth and finding their fiscal space diminished, governments face growing challenges to ensure well-functioning SOE sectors ... good governance of SOEs is critical to ensure their positive contribution to economic efficiency and competitiveness ... Similarly, there are new trends as you have pointed out in your address that SOEs can actually play a much entrepreneurial role rather than just intervene in situations, where they called market failure, Mr President. I am quoting in this regard from a leading author on the entrepreneurial state who said that in countries that owe their growth to innovation and regions within a country like Silicon Valley, the state has historically served not just as an administrator and regulator of the world creation
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 300 process, but a key actor in it and often a more daring one, willing to take the risks that businesses won’t. I trust that my colleague hon Hill-Lewis will note this. This has been true not only in the narrow economies called public goods, like funding of basic research but applause the entire innovation change from basic research to applied research, commercialisation and early stage financing of companies themselves. Such investments ... Mr G G HILL-LEWIS: Deputy Speaker? The DEPUTY SPEAKER: Yes, hon member, what are you rising on? What is that member doing standing behind you there? [Laughter.] Mr G G HILL-LEWIS: A body guard. The DEPUTY SPEAKER: One of you should sit down, please. [Laughter.] Mr G G HILL-LEWIS: Would the Minister kindly take a question?
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 301 The MINISTER OF PUBLIC ENTERPRISES: We will have a debate later on, and a friendly one; do not worry. All the way, I fundamentally disagree. Such investments, yes, governments invest not only spend and have proved transformative, creating entirely new markets and sectors, including the internet, nanotechnology, biotechnology and clean energy. In other words, the state has been key to creating and shaping markets, not just fixing them. This describes our situation as well, as I said. These are the opportunities that we have. Deputy Speaker, a year ago, our major SOEs were decimated and found themselves in all sorts of difficulties because of malfeasance that enabled state capture and rampant corruption. Some of the indicators of this malfunction that resulted was the victimisation of ethical black leaders and professionals; operational decline and indiscipline; financial crises characterised by a mismatch between revenue and costs; a shortage of liquidity and high debt in many cases; deliberate mismanagement to facilitate corruption; negligible board and
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 302 executive fiduciary accountability and collusion with corrupt activities as well and many are unable to trade their way out of their difficulties.
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