Too little of the discourse on an economic growth strategy for SA has focused on addressing barriers to entry and putting in place mechanisms for ensuring effective participation of black-owned firms and small- and medium-sized enterprises (SMEs) in established value chains. The focus from the president’s office has mainly been on raising investment commitments from large enterprises, as demonstrated by last year’s investment summit outcomes. The risk of this approach is that the country embarks on an economic growth path, which (once again) is not truly inclusive and is pinned on the investments and activities of only existing, well-established firms with substantial market power in highly concentrated industries. It should by now be clear that the lack of rivalry and investment in the economy has much to do with a failure to open the economy effectively for greater participation and competition. Many large incumbent companies, especially those with significant, entrenched market p...

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