Categories: EconomyLifestyleNews

South Africa’s Black Industrialists Shine in Economic Empowerment Summit

  • Celebrating Black Industrialists: The article highlights South Africa's focus on celebrating the achievements and contributions of Black Industrialists through a conference and awards ceremony.
  • Driving Economic Growth: It emphasizes the government's commitment to catalyzing economic growth and job creation by supporting emerging enterprises and fostering inclusivity in industrialization.
  • Addressing Challenges: The conference aims to address challenges faced by black industrialists, including access to funding, markets, and technology, while also promoting diversity in ownership within the economy.
Published by
Miriam Matoma

South Africa’s Black Industrialists will take the spotlight on Wednesday at a groundbreaking conference, exhibition, and awards ceremony hosted by the Department of Trade, Industry, and Competition (the dtic) at the prestigious Sandton Convention Centre. Addressing media in Pretoria, Trade, Industry, and Competition Minister Ebrahim Patel unveiled plans for the second Black Industrialists and Exporters Conference, set to draw over 1,200 delegates.

Catalyzing Economic Growth and Jobs

Under the theme, ‘Black Industrialists – Catalyzing Economic Growth and Jobs,’ the conference marks a pivotal moment in South Africa’s economic landscape. Scheduled on the cusp of the 20th anniversary of the Broad-Based Black Economic Empowerment Act (B-BBEE Act), it celebrates the achievements, opportunities, and progress of the Black Industrialists Programme initiated in 2016.

Promoting Inclusive Industrialization

Minister Patel emphasized the government’s shift in focus towards measuring impact, particularly through turnover and job creation, indicating a strategic pivot towards inclusive industrialization. The commitment underscores the importance of fostering emerging enterprises and expanding job opportunities across South Africa.

Driving Economic Transformation

Central to discussions will be the role of private sector procurement, new value chains, and access to financing for emerging black businesses. The conference aims to address systemic challenges hindering the growth of black industrialists, including limited access to funding, markets, technology, and infrastructure.

Strengthening Diversity in Ownership

Initiatives aimed at fostering greater diversity in ownership within the economy will also take precedence. Challenges faced by industrialists and exporters will be thoroughly examined, with a focus on actionable solutions to propel their businesses forward.

Pledges for Economic Empowerment

This year’s conference boasts commitments from 53 large companies to procure from the burgeoning class of Black Industrialists. The marketplace will showcase over 200 black industrialists, representing a collective turnover exceeding R10 billion across various sectors, from aerospace and defense to agro-processing and healthcare.

Celebrating Excellence

The pinnacle of the event will be an awards ceremony recognizing the exceptional contributions of Black Industrialists towards economic growth, social transformation, and inclusive entrepreneurship. Over 200 entries have been received, and ten awards will be bestowed upon deserving recipients, highlighting their role as trailblazers in the South African economy.

In conclusion, the Black Industrialists Conference signifies a crucial milestone in South Africa’s journey towards economic empowerment and transformation. By fostering an environment conducive to the growth of black-owned businesses, the country is poised to unlock new avenues of prosperity and forge a more inclusive and equitable future for all its citizens.

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Miriam Matoma

Miriam is a freelance writer, she covers economics and government news for Rateweb. You can contact her on: Email: miriam@rateweb.co.za Twitter: @MatomaMiriam