Government and the Industrial Development Corporation (IDC) on Tuesday launched an online portal to provide local businesses access to information and assistance on government incentives.
The portal would supply businesses “all the information they need on what is out there to help them sharpen their competitive advantage”, said IDC head of the development finance department Meryl Mamathuba.
The first of three categories of State incentives is conceptualisation, focusing on feasibility and research and development (R&D). This category of incentives is to be available to private sector businesses investing in the creation, design and improvement of products or processes. This category aimed to provide further information on incentives for, besides others, small and large R&D projects, feasibility studies, R&D tax incentives and R&D initiatives in the automotive industry.
The capital expenditure category offers incentives to companies interested in acquiring or upgrading assets to establish or expand their capacity. The incentives are for small and large industry, critical infrastructure, industrial development zones, capital expenditure in the automotive or textiles industries, foreign investment and manufacturing competitiveness enhancement.
Finally, the competitiveness enhancement category focuses on incentives designed to increase competitiveness, sustainable growth and development in specific sectors. It comprises a number of subcategories, including business process services (outsourcing), black business supplier development, a manufacturing competitiveness fund, sector specific assistance and export marketing and investment assistance.
Mamathuba commented that the establishment of sustainable enterprises was important in boosting job creation and increasing the State’s participation in development.
“Ultimately, the aim is to promote private sector involvement in both the creation of productive capacity and R&D in the country,” she said.
The new portal would eliminate the need for a business to search through various government departments assistance programmes for their particular requirements.