“This two-year pilot programme aims to revitalise South Africa’s industrial parks, establish specialised industrialised facilities and support the integration of local economic development in order to bolster the small business sector," said Minister in the Presidency for Planning, Monitoring and Evaluation Jeff Radebe.
The Minister was briefing the media following Cabinet’s fortnightly meeting.
The project was introduced by government last month and is set to help small, medium and micro-sized enterprises (SMMEs) grow sustainability.
The initiative will give support to the SMME sector over a period of two years until December 2017.
The project is a partnership between the Department of Trade and Industry (the dti), the Department of Small Business Development in collaboration with National Treasury and the Middle Income Grant (MIC) of the African Development Bank.
“The project envisages to contribute towards job creation, reduce poverty in depressed communities, and improve access to technology and skills for SMMEs,” said Minister Radebe on Thursday.
While the initiative will offer support to SMME’s until December 2017, based on its successes, government will consider rolling it out across the country.
Black Industrialists Policy (BIP)
Cabinet also approved the Black Industrialists Policy (BIP), which is part of the Industrial Policy Action Plan (IPAP).
The policy is in line with the National Development Plan (NDP) and the Nine-Point Plan announced by President Zuma in the 2015 State of the Nation Address.
“It is also part of government’s broad industrialisation initiatives to expand the industrial base and inject new entrepreneurial dynamism in the economy. It calls for bolder policy interventions on the part of the state to expand the industrial base of the country and grow the economy through dedicated support to black industrialists as highlighted in the IPAP,” said the Minister.
This policy will focus on the growth and global competitiveness of black-owned enterprises.
“Our intention is to contribute towards shifting the demographic composition of South Africa’s industrial sector and engage black industrialists, who are regarded as the underused sources of jobs, revenue, taxes and innovation,” explained the Minister.
The policy will facilitate meaningful participation of majority black-owned and managed companies in the value chains in the industrial sector of the economy.
Trade and Industry Minister Dr Rob Davies will hold a separate media briefing to unpack the policy.