Addressing guests at a black industrialists indaba, the minister said the money would be availed in incentive support for the programme which was launched by DTI 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,” said Davies. “The government is committed to de-racialise the economy through the accelerated development of black industrialists.”
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.
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 programme is an important pillar.
Commissions set up at the indaba recommended 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 percent for companies qualifying for the programme.
- Skills development should be at the centre of the programme.
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