Nicolaas Kruger, CEO of MMI Holdings, will be delivering the opening remarks at an event that has drawn the participation of former deputy minister of finance, Mcebisi Jonas, DG of the National Treasury, Lungisa Fuzile, and Gwebinkundla Qonde, DG of the department of higher education, alongside South Africa's top industry and institutional leaders.

According to a study conducted by the World Economic Forum, 41% of all work activities in South Africa are susceptible to automation, and 39% of core skills required across occupations in South Africa will be wholly different in 2020.

“Going into the fourth industrial revolution, South Africa needs to ensure that it is providing the necessary education and skills for this evolving economic landscape,” says Kruger. “Although South Africa has a large allocation to education from our national budget, our education system is still not catering to the needs of the job market.”

“To close this skills gap, we need closer dialogue between education providers and industry – without this, we cannot align skills with what is needed and importantly, we cannot improve the training being provided to help young entrants into the market find meaningful work,” he adds.

Kruger believes South Africa needs a greater emphasis on science, technology, engineering and maths (STEM) education, increased digital fluency, and ICT literacy, and the support and provision of effective technical and vocational training. “We must continue nurturing a culture of life-long learning, including through adult training and the requisite upskilling infrastructure,” says Kruger.

Warren Beech, regional head of Africa at Hogan Lovells feels that the most significant challenges to economic development in South Africa have remained largely unchanged and that regulatory uncertainty, stakeholder activism, high costs of employment, infrastructure (roads, rail, ports, electricity and water) have impacted investor confidence.

“The starting point is for South Africans to adopt a more positive approach when engaging with potential investors. This does not mean that we should in any way misrepresent the challenges, but South Africa remains an important investment destination. Provided that investors understand the challenges they face, there can still be a good return on investment,” he says.

Beech adds, “The mining industry is still waiting for the next version of the Mining Charter to be published. The anticipation is contributing to the uncertainty, and the sooner that it is published, the sooner the industry can get to grips with the requirements and address them appropriately. Constant regulatory upheaval across the South African economy creates substantial uncertainty. While legislative change is inevitable and expected, delays in the passing of amendments contribute to the current confidence levels.”

The Sunday Times Top 100 Companies presents The Directors Event 2017 in association with MMI Holdings and the Institute of Directors (IOD), USB Executive Development (USB-ED), Hogan Lovells, Johnnie Walker, and Aluwani Capital Partners.

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