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Govt allocates R1.3bn for youth small business start-ups

Economic Development Minister Ebrahim Patel says the government will launch nationwide roadshows on the youth initiatives.

FILE: Economic Development Minister Ebrahim Patel. Picture: EWN.

CAPE TOWN - Government has allocated over a billion rand in start-up funding for entrepreneurial young people.

A jobs summit, investment conference and youth empowerment were among the focal points President Cyril Ramaphosa outlined in his State of the Nation Adress to stimulate the economy.

Economic Development Minister Ebrahim Patel says the government will launch nationwide roadshows on the youth initiatives.

Patel reiterated the youth will become the centre of the economy.

“We’ve put together some money, small sums in the big scheme of things, R1.3 billion for youth projects that are commercially viable. If you’ve got a good idea that can stand on its own feet in the market and all you need really is some start-up funding then that money is available.”

Patel adds tackling data costs is integral to boosting the economy

“The data makes a significant contribution to growth and wealth creation. So the Competition Commission, that’s the public entity that’s been going after corporate and price fixing and so on, they are now doing market enquiry, they’re asking the public and they’re asking the industry involved why are data prices so high and what can we do to change this.”