Black industrialists part of a broader journey of social, economic transformation

President Cyril Ramaphosa says government, private sector stakeholders and civil society have come together to create an enabling environment for black industrialists to thrive.

“By working hand in hand, we have been able to dismantle barriers, foster mentorship and provide access to markets, funding and resources essential for business growth and sustainability,” President Ramaphosa said.

Addressing the Black Industrialists and Exporters Conference at the Sandton Convention Center on Wednesday, the President said the journey of black industrialists is part of the broader journey of social and economic transformation in South Africa.

“This is evident in the fact that South Africans are living longer than ever before. Life expectancy has increased from 54 years in 2003 to 65 years in 2023. Maternal and infant deaths have declined dramatically,” President Ramaphosa said.

President Ramaphosa said households that resided in formal dwellings increased sharply from 65 percent in 1996 to more than 88 percent in 2022.

“Access to electricity for lighting has increased from 58 percent of households in 1996 to nearly 95 percent in 2022. The percentage of persons aged 20 years and older who completed secondary education more than doubled from 16 percent in 1996 to more than 37 percent in 2022.

“Our economy has tripled in size since 1994, and while unemployment still remains high, the number of South Africans in employment increased from eight million in 1994 to over 16.7 million now.

“The proportion of jobs in executive management held by black people increased almost five-fold between 1996 and 2016,” President Ramaphosa said.

President Ramaphosa said the progress points to the work the country has undertaken to give effect to the constitutional injunction to promote the achievement of equality.

“And to give effect to the core goals of that legislation, government formally launched the black industrialist programme in 2016,” the President said.

President Ramaphosa said the impact of the investment by the black industrialists is clear from more than R100 billion in turnover generated by these businesses each year and by more than 100 000 direct jobs sustained in their factories, mines and farms.  

“Over the course of the last five years, we have worked to deepen these efforts. At the start of this administration in 2019, we began to develop master plans in different sectors of the economy, ranging from clothing to sugar, from autos and steel to poultry.

“These masterplans have specific and dedicated sections dealing with the promotion of black industrialists. The black industrialist programme itself has also gone a long way in promoting meaningful participation in the economy by women, youth and persons with disabilities.

“We need to scale up the number of black industrialists that are supported directly by government through various forms of support, including finance, regulatory measures and partnership arrangements through masterplans,” President Ramaphosa said.

He added that the Department of Small Business Development has supported large numbers of micro and small businesses. – SAnews.gov.za