Minister of trade and industry, Rob Davies told CNBC Africa that radical transformation means that you go to the heart of issues using innovative, new approaches.
(WATCH VIDEO: SA economic transformation with Tembekazi Mnyaka)
“It’s about addressing the root challenges that we face and bringing new thinking to bear on them,” noted Davies.
He said that during his second tenure in the trade and industry ministry, he would be expected to deliver on the radical economic transformation mandate and also on some of the commitments set out in the medium strategic framework.
“Our contribution to the broad vision of the National Development Plan (NDP) means that we have to bring about structural change in the productive structure of this economy,” he said.
(READ MORE: Gordhan's mid-term budget shows strides made within NDP)
“Radical transformation means we have to address inequality, transparency, economic inclusion, and we have to move up the value chain.”
Davies suggested that South Africa would have to industrialise for it to meet challenges such as job creation, factoring in the high unemployment.
“We have to change our position from being largely producers and exporters of primary products, and importers of finished goods. This means we have to industrialise and reindustrialise our economy,” said Davies.
“The first thing I am looking at is the Industrial Policy Action Plan, which we believe has achieved some important successes in the last five years.”
Davies stated that part of his task was to ensure industrial development in the economy.
“The real question is how can we move forward from where we found ourselves at the end of the last administration, and move towards creating an environment in which industrial development becomes a major driver of economic growth and job creation,” he said.
For more on the exclusive interview with South Africa's trade and industry minister, watch CNBC Africa's Beyond Markets later today.