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Relying on low wages to drive exports no longer an option, Davies says

19 Dec 2012

According to BDLive, Trade and Industry Minister Rob Davies warned on Sunday, 16 December 2012, that expecting labour market reforms to be a realistic path to making South Africa's manufacturing sector more competitive is "pie in the sky" thinking.

Rather, Davies said, we should pursue competitive advantage through developmental financing and the beneficiation of primary products.

Speaking at a Progress Business Forum breakfast on the sidelines of the African National Congress's national elective conference in Mangaung, Davies said ultra-low wages in some emerging markets, coupled with the recent unrest in the agricultural sector in the Western Cape and the deaths of striking mineworkers in Marikana, should put paid to the idea of pursuing low wages as a key to driving exports, BDLive reports.

Read the full article on www.bdlive.co.za.