R1 Billion to Support Black Industrialists | Lao Tribune

R1 Billion to Support Black Industrialists

The Department of Trade and Industry (dti) is to avail R1 billion in support for the Black Industrialists Development Programme, said Minister Rob Davies.

Speaking at the closing session of the two-day Black Industrialists Indaba on Thursday, the Minister said that R1 billion will be availed in incentive support for the programme that was launched by Deputy Minister Mzwandile Masina last year.

The programme is intended to promote the participation of black industrialists as manufacturers for the key sectors identified in the Industrial Policy Action Plan and other related sectors.

The Minister further said that government is committed to deracialise the economy through the accelerated development of black industrialists. He said that government has committed financial resources and support to expand and upscale support for black industrialists.

The Indaba, which ended on Thursday, served as a consultative platform with key stakeholders on the Black Industrialists Development Programme. The programme outlines key measures such as access to finance, access to markets, skills development, and standards, quality and productivity improvement to primarily support black manufacturing companies.

Minister Davies further indicated that the country’s path to economic prosperity should continue to be anchored on the twin imperatives of industrialisation on the one hand, and economic inclusion of which the Black Industrialists Development Programme is an important pillar.

Commenting on the recommendations of the delegates to the Indaba, Minister Davies indicated that the dti will study the recommendations and do its best to implement those that are within the jurisdiction of the department.

On the second day of the Indaba, three commissions were set up, namely Access to Finance, Access to Markets and State Procurement, and Policy and Skills Development.

The recommendations from the commissions included the following:

A committee comprising government and the private sector and comprising experts be established to explore more ways and instruments to accelerate the implementation of the Black Industrialists Development Programme,

Review of the Preferential Public Procurement Act,

Setting up the black majority threshold at 75% for companies qualifying for the Programme, and

Skills development should be at the centre of the Programme.

Source : SAnews.gov.za