Cabinet approves policy to develop black industrialists

Jeff Radebe says the policy will focus on the growth and global competitiveness of black-owned enterprises.

FILE: Minister in the Presidency Jeff Radebe. Picture: GCIS.

CAPE TOWN - Cabinet has approved a policy to promote the development of black industrialists.

Speaking during a post Cabinet media briefing in Cape Town today, minister in the presidency Jeff Radebe says the policy will focus on the growth and global competitiveness of black-owned enterprises.

He says the minister of trade and industry will unpack the details of the policy soon.

"The policy will also facilitate meaningful participation of majority black owned and managed companies in the value chains in the industrial sector of the South African economy. My trade and industry colleague will hold a separate media briefing to unpack this policy."

In March, the department of trade and industry announced that it will make available a R1 billion grant to black industrialists as a support measure for their businesses.

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

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