JJ Tabane Columnist

At the heart of economic growth must be a new strategy to deal with the contribution of foreign direct investment in the variety of measures that need urgent and detailed revision. If the strategy by which multinationals engage in the dynamics of our economy was effective, one assumes that we would not be faced with the kind of stagnant growth patterns that we have experienced in the past decade. Multinationals are an integral part of any economy in the era of heightened globalisation — they therefore can’t be avoided but can be better regulated for maximum benefit for our country. Our posture after 1994 had an understandable desperation for international acceptance and this may explain the blank cheque I believe was given to multinational companies to operate in SA. Worse, our own parastatals gave in to what amounts to preferential treatment of multinationals as opposed to an attitude of growing our own timber.The recent story involving German company T-Systems and a local company,...

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