President Cyril Ramaphosa says Government will pledge R1 billion from the National Skills Fund.
According to the president, the pledge is towards research and development in science, technology, and innovation.
The President on Tuesday established the Presidential PhD initiative, which is aimed at attracting the brightest minds in research and development in the country.
In 2022 Cabinet adopted the STI Decadal Plan – which was aimed to enhance policy, budget coordination and strengthen South Africa’s National System of Science, Technology, and innovation.
According to the Global Innovation Index, South Africa is ranked 61st out of 132 countries for innovation capabilities.
“For science, technology, and innovation to serve our economy and people effectively, we need to aggressively and strategically invest in education and skills development because this is the lifeblood of the modern economy.
“It therefore gives me a lot of pleasure to announce the establishment of the Presidential PhD Initiative through an initial R1 billion investment from the National Skills Fund,” he said.
Meanwhile, the president urged the country to catch up regarding technology and innovation- or be left behind by other economies.
In the new world of work and investments in the era of the fourth industrial revolution, it is known that science, technology, and innovation determine which countries move forward and which are left behind…,” Ramaphosa said.
