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Trade dept to make R1bn available for black industrialists

The announcement was made during an indaba in Midrand on Wednesday.

FILE: The Tellumat factory in Atlantis. Picture: EWN

JOHANNESBURG - The Department of Trade and Industry on Wednesday announced it will make available a R1 billion grant to black industrialists as a support measure for their businesses.

The announcement was made during an indaba in Midrand on Wednesday.

As part of the National Development Plan (NDP) to eradicate poverty and inequality by 2030, the indaba is designed to help create and develop black entrepreneurs.

The department said the grant is an addition to an organised pool of funds to be created by institutions, including the National Empowerment Fund.

It constitutes support for the creation of 100 black industrialists over the next three years.

President Jacob Zuma said government would like to see more black industrialists as this would mean the country is achieving transformation.

"We wanted you to see more factories being owned by black people, for us to be able to say we are achieving transformation."

The department said it's also roping in other large state owned enterprises such as Eskom and Transnet as well as large government departments.