Photo by: Bloomberg
The Department of Trade and Industry-led Black Industrialists Development Programme would catapult black-owned businesses into the mainstream economy to drive South Africa forward.
As the transformation of South Africa’s business landscape lagged, with the country’s black economic-empowerment (BEE) agenda resulting in surface benefits, the programme was thrown into the spotlight at the Black Industrialist Indaba, in Midrand, on Wednesday.
Trade and Industry Deputy Minister Mzwandile Masina told delegates at the indaba that radical social transformation was needed to move the country forward and the Black Industrialists Policy Framework, which was currently being drafted, would pave the way for black industrialists to productively participate.
The programme, first tabled in August last year, aimed to put black industrialists at the forefront of South Africa’s industrialisation efforts, particularly as blacks only owned around 3% of the holdings of the JSE, indicating a need to accelerate transformation.
The inaugural indaba aimed to bring together government and business to formulate the basis for a policy that would move BEE away from shallow economic participation through share ownership and receiving board titles, to the strengthening of the ambitions of BEE and a more productive society.
The indaba would shape the narrative for the next few years, Gauteng MEC for Economic Development Lebogang Maile said, pointing out that radical transformation was required – and would remain on the agenda – as economic control remained largely with white monopoly conglomerates, with significant foreign interests, and the majority of South Africans still lingered in the margins.
He added that the achievement of the goals set out in the National Development Plan relied heavily on the success of this radical initiative.
Community Investment Holdings founder and executive chairperson Dr Anna Mokgokong assured that BEE was “here to stay”, with the Black Industrialists Development Programme set to bolster transformation efforts.
“It can no longer be business as usual,” she said, noting that, with a foundation laid, South Africa was looking to black business to drive the country forward.
BEE was an “enabling bridge”, with the industrialists programme a catalyst for a multiplier effect in the growth of the economy.