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Ramaphosa Shines Light on Black Industrialists Strategy

July 22, 2022

The Presidency

The Black Industrialists Strategy is underpinned by two core commitments.

President Ramaphosa highlighted this during a speech at the inaugural Black Industrialists and Exporters Conference.

The first core commitment focuses on securing greater diversity in ownership and control in the economy that is crucial for economic dynamism and social solidarity.

The second entails a commitment to promote emerging enterprises to drive inclusive industrialisation.

“Our strategy aims to ensure that we secure greater representivity across the economy, all the while generating greater prosperity and employment”, he said.

The president pointed out that the trade, industry and competition department, the Industrial Development Corporation, the National Empowerment Fund and other agencies have, over the past six years, supported approximately 900 black industrialists.

He added, however, that there are still barriers preventing black entrepreneurs from meaningful and equitable participation in the economy.

The president called on the conference to draw up a “new, improved trajectory for broad-based black economic empowerment”.

“We want a frank conversation about impediments to the expansion of black business, not just from government, but from the private sector as well”, he said.

As regards energy capacity, the president confirmed that consultations with social partners on measures to add additional power to the grid in the shortest possible time are underway.

A package of measures designed to provide an effective response to the energy crisis will soon be announced.