The Department of Trade and Industry (dti) is scaling up its Black Industrialists Programme with a 100 black industrialists expected to receive support in the current financial year.
Speaking at the launch of the ninth iteration of the Industrial Policy Action Plan (IPAP) in Sandown Johannesburg on Monday, Trade and Industry Minister Rob Davies said the dti has compressed the timeframe to assist black industrialists.
“Originally we said we were going to roll out the Black Industrialist Programme over three years from last year. It would have been 30 last year, 30 this year and 40 in the outer year [2018/19 financial year]. What we are saying now is that instead of achieving a 100 by the end of that financial year, we will achieve a 100 by the end of this financial year in other words by end of April next year,” said Minister Davies.
Currently 40 black industrialists have been assisted.
“It is our intention to support 100 black industrialists by the end of the current financial year. That is part of the efforts to support inclusivity,” said Minister Davies.
The programme involves a funding forum that involves different players that mainly include the Industrial Development Corporation (IDC).