R100 billion set to support black industrialists
Government has set a target of R100 billion to support the Black Industrialists Programme. This was announced by the Deputy Minister of Trade and Industry, Mr Mzwandile Masina when addressing delegates at the two-day Annual Manufacturing Indaba in Kempton Park today.
The Black Industrialists Programme was launched by the Deputy Minister of Trade and Industry, Mr Mzwandile Masina in Johannesburg in August last year. The programme aims to create hundred Black Industrialists in the next three years, who will participate in the productive sectors of the economy as part of government’s radical economic transformation programme.
“We are determined to deliver the Black Industrialists Programme with all those who understand the importance of addressing inequality within the South African economy. Through this programme, we want to address the issue of inequality within the economy and inclusion of black entrepreneurs in the economy, particularly productive sector of the economy. We are already establishing relationships with suppliers and banks are starting to approach us,” says Masina
Masina says the future looks bright for the programme. Amongst those who are committed to realising the objective of the Blacks Industrialist Programme, South African Air Ways has committed R10 billions of their budget to procure goods and services from black industrialists.
In implementing the programme, Masina says fronting and misrepresentation is not going to be tolerated. He adds that to address such issues, government will look into activating compliance courts to address such irregularities.
Masina emphasised the fact that the programme is a national one and not for Gauteng and adds that in terms of ethics, they will ensure broader stakeholder consultancy and it will be a public process.
According to Masina, Black Industrialist Programme is one of the interventions by government to transform the economy and needs to be supported.
“If we really want an economy that is inclusive and sustainable and that will address the triple challenge that the country is facing, we need to broaden the industrial base through the inclusion of black industrialists. We don’t want to wipe out white entrepreneurs, instead, we want to add black industrialists into the economic base,” adds Masina.
The aim of the Manufacturing Indaba is to bring together business owners, industry leaders, government officials, capital providers and professional experts to discuss challenges and to brainstorm solutions.
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