R30 Billion Set Aside For Black Industrialists Program – Let’s Hope It Will Count


BuzzSouthAfrica learnt that R30 billion has been set aside for Black industrialists program in other to change the structure of South Africa’s economy.

This is according to the Trade and Industry Deputy Minister Mzwandile Masina, who disclosed that the essence of the R30 billion is to aid transform the unbalanced socio-economic structure of South Africa.

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Speaking at the Umyezane Broad-Based Black Economic Empowerment (B-BBEE) Awards in Durban, the Deputy Minister related that the black industrialists program is an initiative by the government to transform the industrial ownership in South Africa via a systematic involvement of black South Africans in the ownership of strategic sectors of the economy.

“This is because the principle of inclusive growth must reflect changing demographic ownership, especially in critical industries. If things have to change, they can only change if government becomes tougher and clearer in policy terms and be very coherent,” Masina stated.

According to him, inclusive growth implies black people can no longer be relegated to being laborers and factory workers only.

Commenting, Michael Mabuyakhulu – Economic Development, Tourism and Environmental Affairs MEC remarked that the government has taken a bold step to speed up BEE across all sectors of South Africa’s economy.

To Mabuyakhulu, the black industrialists initiative will challenge and balance the status-quo of economic participation in South Africa.

“The Black Industrialist Program is expected to inspire a new breed of black business people to move out of the periphery of the economy to the center stage, and exploit the country’s diversified sectors to own the means of production,” Mabuyakhulu stated.

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Earlier on, Minister Rob Davies expressed similar sentiment when he was delivering the Department of Trade and Industry’s Budget Vote. Davis said it’s impossible to build an inclusive South Africa when certain sector and industries in the country are monopolized.