SOUTH AFRICA TO FUND BLACK INDUSTRIALISTS AS PART OF ECONOMIC TRANSFORMATION

DURBAN, Trade and Industry Minister Rob Davis says his department aims to fund over 100 black manufacturer industrialists by March next year. This is to kick start radical economic transformation.

The multi-billion program was officially launched in Durban on Friday.

For General Mthembu it is a story of when one door closes another opens. A paper company he worked for closed down. He established his tissue paper factory in Phoenix north of Durban. 12 years later, he supplies over 200 companies and has employed over a 100 people.

Mthembu is one of the beneficiaries of the Black Industrialist program. He received R47 million to grow his business.

Without this program it would not be possible. I must say that is where our government is beginning to make a difference. Yes we need to see more people. I'm passionate about training young people, says Mthembu.

The program is part of government's radical economic transformation plan.

Our support programs have gone to support the acquisition of new machines and equipment which is raising the competitiveness of this enterprise. So it is pleasing to see that this is where resources are going, says Davis.

Forty-six black industrialists have benefited from the program. 10 are from KwaZulu-Natal.

When it comes to unfair competition as KwaZulu-Natal we are quite clear, decisive in that regard. We will project emerging entrepreneurs, says KwaZulu-Natal MEC for Economic Development Sihle Zikalala.

Government has already spent R2 billion on the program.

Source: NAM NEWS NETWORK

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