Big businesses pledged to pump billions in procurement to black-owned firms in industrial sectors - Ramaphosa
Some of the country’s large companies have now pledged to procure goods to the value of R261 billion from black-owned firms for the next five years.
President Cyril Ramaphosa (centre) and other dignitaries attended the Black Industrialists and Exporters Conference in Sandton, Johannesburg on 20 March 2024. Picture: @the_dtic/X
JOHANNESBURG - President Cyril Ramaphosa says big businesses have pledged to pump billions of rands in procurement to black-owned firms in the industrial sectors.
This as the Black Industrialists and Exporters Conference tallies the pledges at this year’s event.
Over 1,000 delegates were at the Sandton Convention Centre on Wednesday evening for the second annual event.
Since it was launched in 2016, government’s black industrialists programme has drawn funding for black-owned firms, especially in manufacturing.
This means industrialists have benefited from loans, equity and other support measures to help these companies expand.
Some of the country’s large companies have now pledged to procure goods to the value of R261 billion from black-owned firms for the next five years.
Rainbow Chicken, Astral, Nestle, BMW, Samsung, Spar, and Takealot were among about 70 businesses in various sectors that have come on board.
President Raamphosa: "Let us stand united in our commitment to build a more inclusive economy. One where every entrepreneur, regardless of background, has the opportunity to succeed."
In turn, black industrialists are set to contribute to the economy and spur job creation.
The number one citizen welcomed the financial pledges: “We know that the playing field for black business in South Africa is still not levelled. In the last five years alone, we have strengthened our institutions to deal with economic concentration, deliver more industrial funding and to cut red tape across the economy.”