We must give social justice real meaning in the daily lives of all South

We must give social justice real meaning in the daily

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We must give social justice real meaning in the daily lives of all South Africans, not just in debates. State-owned enterprises are part of a capable, ethical and developmental state. State- owned enterprises must play a vital role in generating inclusive growth, in providing efficient and cost-effective network services and deliver public services to both those who can
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 297 afford to pay and those that can’t. As the National Development Plan has outlined and I quote: State-owned enterprises are central to advancing national objectives through providing economic and social infrastructure. If this is done in an equitable and cost- effective way, SOEs can contribute to both deliver a quality and reliable service at a cost that enables South Africa to be globally competitive. To live up to these expectations, SOEs will require clear public-interest mandate, which are consistently enforced. What is happening globally in relation to state-owned enterprises is that the rationale for the state’s ownership of public enterprises varies among countries and industries. It can typically be said - according to one international organisation - to comprise a mix of social, economic and strategic interests. Over the last few decades however, globalisation of markets, technological changes, and the deregulation of previously monopolistic markets have led to readjustment and restructuring of the state-owned sector in many countries. Moreover, SOEs’
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 298 participation in international trade and investment has grown significantly. They are an influential and growing force globally. The proportion of SOEs among the Fortune Global 500 has grown from 9% in 2005 to 23% in 2014, driven particularly by the growth of Chinese SOEs. The Organisation for Economic Co- operation and Development, OECD, recently conducted a third review of SOEs amongst its members and certain affiliates and it found the following: Countries with the largest SOE sectors by share of national employment were in Europe interestingly, led by Norway with almost 10% nonagricultural employment; countries with the largest SOE sectors in absolute terms by corporate valuation are China which has valued the SOEs at almost US$30 trillion, India at US$338 billion, Korea at US$217 billion and Italy at US$205 billion. There was a concentration of SOEs in the network industries, that is telecoms, gas, electricity and transportation industries. Mr President, we are pretty much in line with the international terms that we have seen not many years ago, but
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UNREVISED HANSARD JOINT SITTING TUESDAY, 25 JUNE 2019 Page: 299 just today. And quite contrary to what some of our colleagues and hon members from the DA might have been arguing about earlier on.
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