Business Welcomes Black Industrialists Initiative by Government

The Vice President of Black Business Council, Mr Sandile Zungu says the business fraternity fully supports the Black Industrialists Programme aimed at expanding the industrial base and injecting new dynamism in the economy with the inclusion and participation of black industrialists in the manufacturing activities. Zungu was speaking at the official launch of the Black Industrialists Policy and Incentive Scheme in Pretoria today.

According to Zungu, the first step to be taken as business is to internalise the whole programme and give guidance to a number of entrepreneurs who wants to access the scheme. He said many black firms must benefit from the policy, not just hundreds but thousands others must be encouraged to bloom in order to expand the country's industrial base.

"The business narrative is shifting and we need to have more black people controlling the value chain in the economy in order to have a more inclusive and radical economic transformation," said Zungu.

Zungu also said for as long as the economy was in the hands of the minority, government must do more than create Black Industrialists.

The Chief Executive Officer of the National Empowerment Fund (NEF), Ms Philisiwe Mthethwa said in 2007 the agency established a strategic fund to unlock opportunities for Black Industrialists in the country.

"Even though the NEF has a very good balance-sheet we are not sitting on a pile of cash. We have 23 pipeline projects worth R2.7 billion to promote the Black Industrialists policy and many other entrepreneurs keen to get involved in the manufacturing sector," she said.

Mthethwa added that the agency has highly specialised team to drive Black Industrialists in order to drive job creation and mineral beneficiation.

The policy and the programme are a key part of government's broad industrialisation initiatives to expand the industrial base and participation of Black Industrialists in the manufacturing activities and the economy.

Potential black industrialists can visit www.thedti.gov.za to access the policy and application process.

Enquiries:

Sidwell Medupe-Departmental Spokesperson

Tel: (012) 394 1650

Mobile: 079 492 1774

E-mail: MSMedupe@thedti.gov.za

Issued by: The Department of Trade and Industry

Follow us on Twitter: @the_dti

Source: The Department of Trade and Industry

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