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Ramaphosa: SMEs the way to create large-scale jobs, not factories or mines

President Cyril Ramaphosa says the focus must also be on developing young people with skills to give them the opportunity to enter the job market.

President Cyril Ramaphosa. Picture: @PresidencyZA/Twitter

JOHANNESBURG - President Cyril Ramaphosa says that government can no longer rely on factories and mines to create large-scale jobs, adding that small and medium enterprises is the new way.

Ramaphosa was speaking at the launch of a private sector initiative called, SA SME Fund, where more than R1 billion will be invested into small black companies with potential.

A number of CEO's have already agreed to mentor and fund new business people who don't have the financial backing.

The president said that there are many small businesses that need mentorship, guidance and funding in order to be successful.

"I have heard the stories of how South African Breweries, for instances, goes out into the farming areas and finds the old mamas and old papas and help them to farm, helps them with funding."

Ramaphosa says the focus must also be on developing young people with skills to give them the opportunity to enter the job market.

"Give them an enabling environment. We as the government want to give create these incubation centres, where we draw in young people."

Last month, the president signed into law the Competition Amendment Bill which aims to boost small and medium companies and open the economy to new investments and innovation.