Cabinet has welcomed investments in the energy and transport sector, as they are expected to create jobs and assist small business owners in the transport sector.
“Cabinet welcomed the R100 million investment by electrical components supplier ACTOM in the expansion of its plant in Pretoria. This builds local capacity in manufacturing of electro-mechanical equipment, as the renewable energy market grows,” Minister in The Presidency, Khumbudzo Ntshavheni, said on Thursday in Pretoria.
Addressing media on the outcomes of the Cabinet meeting held on Wednesday, the Minister said the investment will create jobs and solutions for renewable energy.
“Furthermore, Cabinet welcomed the roll out of a R284 million investment by Moove, which will assist small business owners in the transport sector. Moove has purchased over 2 000 vehicles, which will be for use by transport entrepreneurs,” Ntshavheni said.
Meanwhile, Cabinet commended interagency search and seizure operations led by the South African Revenue Service (SARS) on 12 October 2023, with close cooperation between intelligence and law enforcement agencies.
These targeted operations helped to prevent revenue losses to the fiscus, which amounted to more than R500 million and 14 individuals targeted during the operation.
Addressing greylisting deficiencies
Cabinet noted progress in addressing greylisting deficiencies identified by the Financial Action Task Force (FATF) Operating Framework, progress with the re-rating of at least 14 technical compliance deficiencies and positive progress in 17 of 22 action items against the original Action Plan.
“Cabinet approved the Updated Operational Framework for Targeted Financial Sanctions to bind the conduct of all agencies involved in the process of designating individuals and entities in terms of amended section 23 of the Protection of Constitutional Democracy Against Terrorism and Related Activities Amendment (POCDARATA) Act,” the Minister said.