Gauteng Premier David Makhura. Picture: FREDDY MAVUNDA
Gauteng Premier David Makhura. Picture: FREDDY MAVUNDA

GAUTENG premier David Makhura says the province will announce its "revolutionary" township stock exchange in October.

Speaking at the Johannesburg Chamber of Commerce and Industry conference in Sandton on Friday he appealed to business to team up with the government to grow the economy.

The provincial government is pushing the exchange proposal as a project to grow a more inclusive economy and create employment.

READ THIS: Days of secret tenders over, warns Joburg’s new mayor

Makhura announced plans for the stock exchange in June, saying it would help township enterprises access funding so they can grow beyond the small business phase.

"The Township Stock Exchange will go a long way in easing the burden of access to finance carried by most township entrepreneurs," he said.

"This intervention, which we are undertaking jointly with the private sector, will also help us turn our townships into centres of production and manufacturing."

Makhura said the province aimed to create 500,000 jobs a year, which would help alleviate Gauteng’s 40% unemployment rate.

He said that 200,000 formal and 151,000 informal jobs were created in the province last year, but most had been lost by the beginning of this year.

More jobs could be created by focusing on the manufacturing and services sectors.

"Within each of the two sectors, there are priority subsectors and industries that have the potential to achieve higher rate of growth, increased employment and empowerment," Makhura said.

The subsectors include retail, tourism, finance, pharmaceuticals and food and manufacturing.

The premier said a task team set up to slash red tape, would soon report on its findings and make recommendations on how to eliminate bureaucratic inertia and make it easier to do business easier in Gauteng. The team is headed by co-operative governance and traditional affairs and human settlements MEC Paul Mashatile.