The Minister of Trade and Industry, Dr Rob Davies says deep industrialisation will depend on creating large markets across the African continent and needs to be seen as a regional matter as South Africa is too small to support it on its own. Minister Davies was speaking at the two day Manufacturing Indaba in Emperors Palace, Ekurhuleni.
According to Minister Davies, Africa is at risk of becoming a dumping ground for unsaleable products from the rest of the world and this makes addressing issues of poverty, unemployment and inequality much more difficult. He cited deep industrialisation as a solution.
“South Africa is not the only country facing economic challenges, but we need to step up efforts to restore Investor confidence, confidence in the economy, increase consumer demand secures higher levels of black economic empowerment with regards to management, control and ownership of the economy and to create employment. These could address the triple challenges of poverty, unemployment and inequality,” stated Minister Davies.
He added that there was a need to reduce dependence on raw materials and create great new products with value-addition.
Minister Davies told the delegates that, government remained committed to promoting high growth of the economy, which is inclusive. He emphasised that for this growth to happen, the economy needed to be transformed radically through, changes in the structure. The Black Industrialists Programme is one intervention by government to reach the goal of an inclusive economy.
“This programme supports entry of black people involved in the productive sectors of the economy. We need to see actual black people involved in ownership and management and move away from empowerment being a deal and not management. We want a level of empowerment that supports entry of black companies that are real players.
Since its establishment last year, the Black Industrialists Programme has supported projects, with an investment value of R3.9 billion. This support has created some 8,000 new jobs. The dti is confident that it will meet its target of getting 100 black industrialists up and running well before the initially projected deadline of March 2019,” emphasised Minister Davies.
Issued by Department of Trade and Industry