DTI kickstarts programme to develop black industrialists

The programme is aimed at creating at least 100 black industrialists in the next three years.

Departmeent of Trade and Industry Minister, Rob Davies. Picture: EWN.

CAPE TOWN - Trade and Industry Minister Rob Davies says the programme to boost the number of black industrialists in the country is ready to roll.

While Cabinet gave the policy the go-ahead earlier this year, Davies says everything is now in place for it to start.

The programme is aimed at creating at least 100 black industrialists in the next three years.

The black industrialist programme aims to provide financial and other support to new entrants or existing players in a bid to open up a sector of the economy that's remained largely in white hands

Davies says, "This programme will now start to operate, we will start to receive the applications."

He says the criteria will be tight to cut out broad-based empowerment fronting and rent-seekers wanting to make a quick buck.

The minister says industrialising is the only future for an economy battered by its reliance on exporting raw minerals and the global slump in commodity prices but that this has to be inclusive.