This transformation would need to be based on the establishment of a range of competitive industries producing for new export markets. You, the private sector are being called upon to play the major role in this transformation effort. I submit, as I have done before, that the market mechanism will not provide the necessary incentives for meaningful diversification.
State leadership and vision will be required and I would add the active participation of other stakeholders such as the trade unions and the tertiary educational institutions. Among the Government’s roles is the provision of public goods and services that are essential to the growth process.