CABINET has welcomed the launch of Biovac product development laboratory in Cape Town.
Minister in The Presidency Khumbudzo Ntshavheni told a media briefing on Thursday, 13 November, this initiative will result in an increase in job creation from 300 to about 700 full-time employment.
She said this is a significant step towards strengthening Mzansi's full vaccine development capabilities.
"Currently, vaccines produced locally rely on active pharmaceutical ingredients imported from abroad, with final formulation and packaging taking place domestically. The new facility aims to enable end-to-end vaccine development within the country," she said.
Ntshavheni boasted that the high-tech facility, equipped with advanced mRNA technology and state-of-the-art research capacity, will empower scientists to tackle the most prevalent diseases in Africa, ensuring that homegrown innovation addresses the health needs of citizens.
The Human Sciences Research Council and the CSIR are two of the partners who provided funding for this initiative.
She further stated that the cabinet meeting which took place on Wednesday, 12 November, also welcomed the 2025 Medium-Term Budget Policy Statement (MTBPS), which sets the tone for the nation's fiscal framework over the next three years.
"It confirmed allocations for critical services like health, education, and social grants while also outlining major investments in public infrastructure such as energy, water and transport."
ALSO READ | Good news: Minister extends ama350!Opens in new window
The MTBPS sets an inflation target to 3% which will help anchor inflation at lower levels and ease the cost of living and borrowing costs for households, businesses, and government.
The move aligns our monetary and fiscal policy, ensuring government's spending, borrowing, and price stability work together to support sustainable growth and macroeconomic stability," said Ntshavheni.
Cabinet was also pleased with the 248 000 more jobs created.
The official unemployment rate declined by 1,3% to 31,9% in the third quarter of 2025, down from 33,2% in the previous quarter.
The total number of employed people increased by 248 000 to 17,1 million.
Ntshavheni said: "Job gains were recorded in the construction, community and social services, and trade sectors, reflecting positive momentum in key areas of the economy.
"Cabinet affirmed government commitment to accelerating inclusive economic growth, creating sustainable employment opportunities, and supporting sectors that continue to drive job creation and improve livelihoods.
"Actions that are backed up by the latest Quarterly Labour Force Survey results from Statistics South Africa, which show a continued improvement in the country's employment landscape."
