State’s development scheme draws black industrialists, BUSINESS DAY (Late Final)

State's development scheme draws black industrialists, BUSINESS DAY (Late Final)

CAPE TOWN — A total of 28 blackowned companies have registered with the Department of Trade and Industry's programme to develop black industrialists. The programme aims to grow existing medium-sized enterprises with a proven track record so that they can operate in the economy's productive sectors. The department has set itself the target of creating 100 black-owned and managed companies in the next five years, and is in the final stages of creating a dedicated incentive for the participants in the programme. The proposed incentive is linked to the department's industrial participation action plan — budding enterprises in productive sectors of the economy it has identified as priority ones will be supported. These sectors include plastics and chemicals, automotives, agro-processing, metal fabrication and downstream mineral beneficiation. Officials from the department met with the Black Business Council last week to discuss the scheme and how it should be institutionalised. CEO Xolani Qubeka said he believed “the creation of large black companies will be able, through hegemony, to create more small- and medium-sized enterprises”.

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