"On the narrow definition, the unemployment rate stood at 29 per cent in the second quarter of this year. Our economy has lost its competitiveness, ranking 82nd among 190 countries in the World Bank’s Ease of Doing Business Index. Business confidence has reached historic lows," he said. 

Ramaphosa was speaking at Tuynhuys in Cape Town at the council's first meeting. 

The president chairs the non-statutory body, which comprises economists and technical experts drawn from academia, the private sector, labour, community, think tanks and other constituencies. 

The members were appointed to serve a three-year term starting October 1.  

"As we reflect on the terms of reference of the council and discuss its working arrangements, it is my hope that the council will direct its efforts towards practical solutions to the complex and pressing challenges our economy faces.
 
"It is clear that we meet at a difficult time for our economy when many key indicators confirm the extent of the economic malaise that had set in in the aftermath of the recession," said Ramaphosa.
 
In his State of the Nation Address in June, the president said the government would reach several milestones by the time of the delivery of the medium-term budget policy statement, which will be delivered later this month. 

He told the council that there was "much to do" to strengthen government capacity, but that "good progress" had been made in implementing the milestones. 

"Our work towards an effective visa regime for tourism and high skill immigration is underway.  For example, the minister of home affairs has abolished the requirement that children entering South Africa should present unabridged birth certificates.
 
"Visa waivers have been extended to visitors from several countries, requirements have been simplified for countries such as China and India, and an e-visa system will be piloted from next month."
 
A policy directive on the release of the spectrum had been issued and regulator ICASA had started the process of licensing the spectrum, he said.
 
An integrated and comprehensive youth employment strategy was developed, and engagement with organised business had taken place for the ease of doing business roadmap. 

"Invest SA has commenced work to improve key indicators such as starting a business, registering property, dealing with construction permits, paying taxes and trading across borders.
 
"We will soon be appointing the investment advisory council and the SOE council to commence work," said Ramaphosa.
  

The paper detailing government's approach towards Eskom would be tabled at cabinet "shortly", he said, adding it was an important exercise as it consolidated the work by Eskom's board and management and various task teams advising on the turnaround of the power supplier. 

"It will enrich the process to bring Eskom to financial and operational stability by creating a reference point for implementation. It is important that we provide the market with clear signals of the nature and contours of our reform process," said Ramaphosa.  
 
 The department of trade, industry and competition was convening various sectors to develop industrial strategy masterplans that complemented the work done by the public-private growth initiative, and the infrastructure fund was in the process of being formed, he said.
 
Progress on the initiatives would be presented at the country's investment conference in November.
 
"At Nedlac, we are monitoring the commitments made at the jobs summit as we work towards our job creation target. All of these initiatives and reforms provide reasons for hope.
 
"Our latest approach to the international bond markets was met with enthusiasm, with reasonable pricing. Growth rebounded in the second quarter of 2019, with GDP growth of 3.1 per cent on a quarter-to-quarter basis. This was driven by growth in mining, finance, government and trade sectors.
 
"Much work is being done to improve confidence and regain credibility and trust by implementing those reforms that already enjoy support and have been under discussion for some time."
 
The medium-term strategic framework - government’s programme of action for the next five years - would focus on catalytic actions to spur the economy into action, he said.  
 
Shared prosperity demanded that the right technology was combined with private and public investment to create sustainable jobs in the green economy, the care economy, infrastructure development and in townships and rural areas, said Ramaphosa.  
 

ANA