Thursday, 13 September 2018

Cape Town: Speaking at the opening of the South African Innovation Summit (SAIS) in Cape Town on Wednesday, the Department of Trade and Industry’s (dti) Deputy Director-General of Special Economic Transformation, Sipho Zikode, said the Fourth Industrial Revolution is a phenomenon that should be embraced.

Government has pledged its commitment to create an enabling environment where innovation geared at the Fourth Industrial Revolution is supported.

“The world must embrace the Fourth Industrial Revolution because it is a new way of doing business that will be with us for a foreseeable future, and as government and society we should collaborate in creating the enabling environment for entrepreneurs to adapt and adopt the 4IR technologies for the creation of a better life for all,” said Zikode.

He added that traditional ways of industrial development and industrial financing must be overhauled as development funding institutions and commercial banks are too risk averse.

“I am sure you will agree with me that regardless of how well-designed your economic development strategy is and how well-crafted your industrial strategy is, if your strategy is not underpinned by deep entrenched innovation systems, you will always find yourself behind the curve when it comes to developing new globally competitive products and services,” he said.

The South African Innovation Summit is an annual flagship event on the South African innovation calendar that nurtures, develops and showcases African innovation, as well as facilitate innovation thought-leadership.

“I am sure you will agree with me that regardless of how well-designed your economic development strategy is and how well-crafted your industrial strategy is, if your strategy is not underpinned by deep entrenched innovation systems, you will always find yourself behind the curve when it comes to developing new globally competitive products and services,” he said. – SAnews.gov.za

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