initiatives. an area, in which the private sector can excel, given appropriate incentives, is that of research and development which could act as a driver of competitiveness and job creation. a number of large r & d projects have already shown feasibility and have the ability to develop into new industries, creating substantial opportunities for increased employment, foreign revenue income, beneficiation and competitiveness. many infrastructure investment projects can act as an attractive asset class for private investors, due to the predictable nature of returns, thereby providing a low risk investment profile. infrastructure investment projects may provide a means whereby a consistent real return over inflation can be attained through a low volatility investment vehicle. private sector funding is, however, subject to policy certainty so that private investors can be assured that they will be able to realise a return on their investments. the ndp proposes that regulatory impact assessments be done on all new regulations, and that an expert panel be appointed to prepare a comprehensive regulatory review for smalland medium - sized firms in an effort to assess whether special conditions are required for such entities. to this end, a new unit is being created in the presidency to carry out thorough impact assessments of both new and existing legislation and regulations within a social economic impact assessment system that will ensure alignment with the ndp and reduce the risk of unintended consequences. the continued drive towards the establishment of a viable renewable energy sector in south africa should be supported and is an example of an area in which small businesses could rapidly gain traction, as countries become more inclined to embrace a green growth development approach, as we enter the so - called solar age. bis central bankers ’ speeches the proper implementation of the ndp will be conducive to an increased level of entrepreneurship in the economy, as the ease of doing business improves. the obvious outcome of such a process will be the creation of more sustainable jobs. small businesses generally have the capacity to attract those who are low to moderately skilled and are, therefore, best placed to recruit from among the significant pool of unemployed workers. the ndp is already facilitating the bringing together of various stakeholders in the economy within an environment of common purpose. the ndp thus constitutes a powerful and integrated development agenda for the state and the whole of south africa, and for the plan to succeed it should continuously be translated into action plans, with clear milestone along the way, within realistic time frames. to yield relatively swift results, in terms of improved growth, the following two focus areas deserve mentioning. the first is a better integration of

sector is unlikely to succeed. regulatory reform and support being advocated by the plan has the intention to boost mass entrepreneurship. the topic of strained labour relations is also addressed, indicating that it is inconceivable, that the economy will evolve into a more labour - intensive structure if tensions between employers and labour persist. ways need to be found to reduce the probability of the occurrence of lengthy strikes, such as those experienced during last year. these tensions need to be dealt with in a transparent and honest manner and not only by amending labour legislation, in order to be conducive of enhanced labour absorbing growth. as the social partners, re - establish trust among themselves, it will go some way towards the process of reinforcing their social pact. central to the propositions made in the ndp related to the jobs market, is the statement that over a 20 - year horizon wage growth needs to be linked to productivity growth as it is not feasible to sustain a labour absorbing path, unless both are growing in tandem. in an effort to enhance the labour absorption rate of the economy, the plan has already led to a reduction in the initial cost of employing young labour - market entrants, through the implementation of the employment tax incentive, act no 26 of 2013 which came into effect on 1 january 2014. this initiative compliments government ’ s measures to create jobs for young workers and those in special economic zones through offering tax incentives to employers to encourage the employment of these workers. this initiative, according to the minister of finance, had led to 200 000 young people being employed, which is significantly in excess of government ’ s initial expectation of 70 000 within six months of implementation. furthermore, newly introduced changes to labour legislation, in general, hold the promise of improving the functioning of the labour market, as it better addresses discrimination, and advances the approach of equal pay for work of equal value. these changes will not only benefit young people, but will result in a more equitable labour relations environment in general. over and above the focus on the jobs market, the ndp also advances some frank recommendations in areas such as education, health and the public sector, as part of the creation of a nurturing and enabling environment for business to prosper. a set of integrated actions is being proposed to address the issue of inefficiency and other challenges related to public service delivery. to improve educational outcomes, the plan directly confronts issues, such as teacher performance, appointment procedures and accountability. the challenges in public