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The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says the young people of South Africa have a critical role to play in concerted efforts to achieve radical economic transformation in the country. 

Magwanishe was delivering a speech at the Youth Enterprise Summit that took place in Cape Town under the theme, Youth at the Centre of Radical Economic Transformation.

“As the Department of Trade and Industry (the dti) we firmly believe that the fundamental changes in the structure of the economy can be achieved through youth enterprise development and support. But this requires self-driven and brave young people who will take full ownership of radical economic transformation and drive it without fear.

The future belongs to the youth. Their active participation in transforming the economy now means that they will be building a bright future not only for themselves but for the country as a whole. This will be the future where poverty, inequality and unemployment will be history,” said Magwanishe.

He added that it was crucial that young people arm themselves with knowledge and information, and equip themselves with the necessary skills that will enable them operate viable enterprises.

“At the core of radical economic transformation lies increased participation of the youth in industrialisation, which must result in the development of young black industrialists in productive sectors and other higher value-added services. We have a range of entities and divisions within our stable as a department that are geared towards supporting businesses owned by young entrepreneurs in particular,” added Magwanishe.

He also urged young entrepreneurs to take advantage of the Black Industrialists Programme and ensure that they participate meaningfully in the manufacturing sector and related fields.

“Through the Black Industrialists Programme we have provided infrastructure that has enabled businesses to thrive. The programme is geared towards growing black-owned businesses to become globally competitive.

It supports black industrialists who are involved in sectors such as the ocean economy, mineral beneficiation, pulp, paper and furniture, chemicals, pharmaceuticals and plastic, agro-processing nuclear, aerospace, rail and automotive components, oil and gas, and industrial infrastructure,” said Magwanishe.

He also encouraged young entrepreneurs whose companies are export-ready to participate in the dti’s programme aimed at enhancing trade with other African countries.

“There are also trade missions that are undertaken by the department to various parts of the world to assist companies seek trade and investments opportunities. These are the opportunities that government is availing to the young entrepreneurs to grab,” said Magwanishe.

Issued by Department of Trade and Industry