Statement by Wayne Thring MP, ACDP Deputy President
“Honourable Deputy Speaker,
The ACDP welcomes this report of this Department on the oversight visit to the Cape Town Film Studios and the Noodle Factory, funded by the Industrial Development Corporation (IDC) and a project funded by the National Empowerment Fund (NEF) namely Rise Apparel/Uniforms, all in the Western Cape.
The ACDP notes the challenges raised by these business entities, mainly around the area of raising capital. For the Cape Town Film Industry the challenge is to raise further capital to grow the studio base and a call to raise the Film and Television Incentives from the current R50 million to R100 million, in order to secure high budget productions.
For Rise Apparel, a 100% Black, females owned and managed business, and the Noodle Factory, the challenge was in securing funding from the commercial banks despite having excellent business plans and proposals in place. The ACDP acknowledges the support given by the IDC and NEF to these businesses thus helping to create and sustain some 88 489 jobs.
Honourable Deputy Speaker, there is no doubt that our economy is in trouble.
GDP is expected to contract by some 10%. 3-7 million people are expected to lose their jobs.
Our debt to GDP is expected to surpass 80% in the next year or so.
This government is penalizing our future generations by incurring debt and then passing it on to the generations to come. Our Gross Fixed Capital Formation dipped by some 10% in the 4th quarter of last year with real capital expenditure by general government declining by 17.6% and the private business enterprise declining by some 10%. Our trade deficit with our Brics partners in Q4 was R26 billion. This trade deficit is consistent over the last 5 years.
The looting of the public purse, by corrupt individuals continues unabated with seemingly no consequences.
What we need Honourable Speaker, is a honest, hardworking, trustworthy, ethical and capable government so that we can grow our employment base with more Film Studios, Noodle Factories and Rise Apparel/Uniforms. The ACDP stands ready to fill that space.”