​Gauteng News 
President Cyril Ramaphosa says government is finalising a comprehensive social compact to grow our economy, create jobs and combat hunger.
The comprehensive social compact builds on the foundation of the Economic Reconstruction and Recovery Plan (ERRP), which remains a common programme to rebuild the economy.
Delivering his State of the Nation Address (SONA) at the Cape Town City Hall on Thursday evening, President Ramaphosa said government, labour, business and communities have begun discussions on what trade-offs and contributions will be needed.
"We have given ourselves 100 days to finalise a comprehensive social compact to grow our economy, create jobs and combat hunger."
He called on labour, business and civil society to embrace our shared responsibility.
The president recognised that the state must create an environment in which the private sector can invest and unleash the dynamism of the economy while unleashing the energy and capabilities of South Africans.
"The key task of government is to create the conditions that will enable the private sector – both big and small – to emerge, to grow, to access new markets, to create new products, and to hire more employees."
In 2021, South Africa's unemployment rate reached its highest recorded level which has been attributed to slow growth and a long-term decline in investments.
Although government has a clear and stable macroeconomic framework, strong commodity prices and a better-than-expected recovery, the economy has been held back by an unreliable electricity supply, inefficient network industries and the high cost of doing business.
In efforts to revive the economy, Ramaphosa announced various sectors to stimulate investment and much-needed jobs.
Work is underway to streamline the regulatory processes so that the hemp and cannabis sector can thrive. This sector has the potential to create more than 130 000 new jobs.
"Our people in the Eastern Cape, KwaZulu-Natal and elsewhere are ready to farm with this age-old commodity and bring it to market in new and innovative forms."
According to President Ramaposa, government will soon finalise its mining exploration strategy in accordance with the strict environmental laws of the country in order to attract investors.
In the clothing industry, a number of retailers have announced ambitious localisation sourcing plans.
The agricultural sector, which relies heavily on efficient, well-run ports to export their produce to overseas markets, will get a much-needed boost as Transnet is focused on improving operational efficiencies at the ports.
This will be done by procuring additional equipment and implementing upgraded systems to reduce congestion.
"Fresh produce cannot wait for days and even weeks stuck in a terminal. This hurts businesses and compromises our country's reputation as an exporter of quality fresh produce," said Ramaphosa.
Within the next few months, Transnet will ask for proposals from private partners for the Durban and Ngqura Container Terminals. This will enable partnerships to be in place at both terminals by October 2022.
Transnet will start the process of providing third-party access to its freight rail network from April 2022 by making slots available on the container corridor between Durban and City Deep in Gauteng.
Furthermore, Transnet has developed partnerships with the private sector to address cable theft and vandalism on the freight rail network through advanced technologies and additional security personnel.