From Creamer Media in Johannesburg, this is the Real Economy Report.
Barloworld launched its Incubation Hub at its Barlow Park head office in Johannesburg, last month to assist small business suppliers and companies operating in its value chain in overcoming challenges, including market access, finance and skills that commonly impact on small, medium-sized and microenterprises. David Oliveira tells us more.
The Siyakhula Incubation Hub is an aims to provide financial support, as well as enterprise development, skills transfer, supplier development and marketing opportunities to its small business suppliers.
Barloworld CEO Dominic Sewela
The hub will support its existing black-owned SMMEs while providing support for eligible SMMEs within its larger value chain. Barloworld has provided support for 42 companies and aims to increase the number of incubatees to 120 by 2022.
During the launch speakers often highlighted the need for partnerships to grow the economy and address South Africa’s triple challenge of poverty, inequality and unemployment.
Logistics service provider T-Marc Logistics owner and CEO Lolo Papo, a incubatee at the Siyakhula Incubation Hub, had this to say:
T-Marc Logistics owner and CEO Lolo Papo
Papo also added that T-Marc has successfully implemented the processes and systems, resulting in a clean audit for the company at the end of last year. She asserted that it was through the business fundamentals learned at the incubation hub that T-Marc has been able to grow and create employment for about 150 people.
Staza Cleaning Services owner and CEO Stella Mokwena
Staza Cleaning services currently employs about 371 people.
Gauteng Premier David Makhura pointed out at the launch that business incubation hubs were important for the development of SMMEs and transformation of the local economy.
Gauteng Premier David Makhura
To date, Barloworld Siyakhula’s Incubation Hub has assisted its incubatees to create about 670 jobs.
Other news making headlines:
New Transport Minister will not interfere in legal proceedings initiated by former PRASA board
Localisation a key ‘policy tool’ for South Africa
And, South Africa’s institutions need to be protected, strengthened
Newly appointed Transport Minister Joe Mas-wan-gan-yi said he would not interfere with ongoing court proceedings initiated by the former board of Prasa to have former Transport Minister Dipuo Peters’ decision to dissolve the board set aside.
Transport Minister Joe Maswanganyi
Localisation is an important policy tool for industrial development in South Africa and will assist in growing the economy and the manufacturing sector, Trade and Industry Minister Dr Rob Davies has said.
Trade and Industry Minister Dr Rob Davies:
David Oliveria: South Africa’s institutions have either been forsaken or deliberately weakened for political expedience, with State transformation becoming so politicised that economics is almost just about political power, former Deputy Finance Minister Mcebisi Jonas has said.
Former Deputy Finance Minister Mcebisi Jonas
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.