Government has set a target of R100-billion to support the Black Industrialists Programme, says Deputy Minister of Trade and Industry Mzwandile Masina, addressing delegates at the two-day Annual Manufacturing Indaba in Kempton Park.
The Black Industrialists Programme was launched by in August last year and aims to create 100 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,” Masina says. “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
Masina says the future looks bright for the programme. Among those committed to realising its objectives, South African Airways has committed R10-billion of their budget to procure goods and services from black industrialists.
In implementing the programme, Masina says fronting and misrepresentation won’t be tolerated, and government could activate compliance courts to address irregularities.
He emphasises that the programme is national and aims to ensure broad stakeholder consultancy.
“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.