THE Department of Trade and Industry(dti) under deputy minister Bulelani Magwanishe co-funded Microfinish to launch the Black Industrialist Scheme (BIS) for R13.5 million in Pinetown on 7 July.
Attended by government and Microfinish representatives, including eThekwini Municipality mayor Zanele Gumede, the launch focused on empowering black industrialists and social economic transformation in KwaZulu-Natal.
Based in Pinetown, Microfinish is an automotive valve guide and valve seat manufacturer and BIS is grant programme of the Black Industrialists Policy which aims to unlock the potential within black industrialists operating in South African economy. Malebo Mabitje-Thompson, from incentives development and administration, explained the aim of the launch, and said it was not to exclude whites but bring balance by targeting upcoming black industrialists.
Speaking at the launch, deputy minister Magwanishe said Microfinish is evidence that the Black Industrialist (BI) Programme is succeeding and transforming the economic landscape of the country. “We are confident that KwaZulu-Natal provincial initiatives, such as Operation Vula will continue to play a positive role in providing procurement opportunities to other Black Industrialists,” said Magwanishe.
One of many highlighted benefits of the scheme is the creation of employment which would lessen the strain on the unemployment rate in the country.
Programme director and managing director of Microfinish, Deshan Naidoo, took to the podium and explained the success behind Microfinish.
“The international exposure received through interventions and collaboration with the dti is indicative of the expanding footprint South Africa has in the global market. Microfinish is grateful for this as most of our business is export,” said Naidoo.
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