Honourable Members, our support through the budget for economic development is wide-ranging, as it must be if we are to diversify our growth and broaden participation. Innovation and technology changes are at the heart of this development strategy.

Support for the oceans economy has been allocated R296 million over the next three years. This will enhance our climate change research and management of ocean resources. South African science and technology also continues to benefit from our leading role in the Square Kilometre Array astronomy partnership, which will spend approximately R2.1 billion over the next three years. Minister Pandor is guiding our science councils towards more effective partnerships with industry and academic institutions.

R2.7 billion has been allocated over the medium term under the Mineral Policy and Promotion programme to promote investment in mining and petroleum beneficiation projects.

R108 million has been allocated for research and regulatory requirements for licensing shale gas exploration and hydraulic fracturing.

Government will continue to strengthen support for agricultural development and trade, under Minister Zokwana. The projected conditional allocation to provinces over the medium term is R7 billion. Access to finance by emerging farmers will be expanded, in collaboration with the Land Bank.

Since the inception of the recapitalisation and development programme in 2008, 1 459 farms have been supported, and 4.3 million hectares has been acquired for redistribution. A further 1.2 million hectares will be acquired over the next three years , and R4.7 billion is allocated for recapitalisation and development of farms.

Establishment of the Office of the Valuer-General in Minister Nkwinti’s department will assist in the orderly implementation of land acquisition and redistribution activities.