The Gauteng City Region is formulating a sector strategy to break the monopoly-structured economy, according to Premier David Makhura.

“We are formulating sector strategies in the province so that we know which interventions to provide for and for which sectors,” Makhura told black entrepreneurs and industrialists hosted by the Industrual Development Corporation (IDC). “We need to overcome the monopoly-structured Gauteng economy because out of the 11 sectors in the province, our research indicate that white-owned companies are still dominating in all sectors.”

He says black people should also be at the centre of the economy and in key sectors “and we can’t claim that black people have been empowered just because they participate in the economy.

“Transformation is not about people who are just buying and selling products from other economies like China and India.”

Economic Development Minister Ebrahim Patel adds: “Our task is to bring black South Africans to key industries central to economic growth. During my Budget Vote speech recently, I announced a R23-billion programme that the IDC would be managing for government. And I am happy that we have a premier that is well-aligned to the national policies that seek to fight poverty, inequality and unemployment, in line with the National Development Plan.”