DTI registers 18 industrialists for future development

While the DTI has a target to develop 100 new black industrialists it has registered just 18 businesses so far according to the DTI's Deputy Minister Mzwandile Masina. Image: GCIS

He says these business people will help to grow South Africa's economy.

"We will continue to accept applications from industrialists, as we have set a target of 100 black industrialists that we want to assist," Masina said.

The initiative is part of the Black Industrialists Programme launched by the DTI in August.

Masina was briefing media at the Union Buildings in Pretoria, following issues discussed in the last Black Economic Empowerment (BEE) Advisory Council meeting convened by President Jacob Zuma.

Masina said the qualifying black industrialists ranged from agriculture and agro-processing, manufacturing, beneficiation, and oil and gas sectors, among others.

"We are very excited. We are currently looking into one of the programmes around an oil and gas pipeline, which is a $10bn investment and it will be run by a woman industrialist," Masina said, adding that the government wanted to create an enabling environment for industrialists to benefit from government's work.

"We also want to make sure that we mobilise local funding, so that these industrialists need not depend on foreign funding," he added.

"We are talking about big projects that are going to have an impact on the Johannesburg Stock Exchange (JSE)," he said.

Masina said the industrialists are working but so far, no time-frame can be attached to what they are doing. The number of those participating in the black industrialists' initiative will increase," he added.

He says that in November this year a summit on black industrialisation will be held where a strategic framework will be presented.