The Department of Trade and Industry is confident that the 27 black industrialists that are the grant recipients of an aggregate R577-million under the Black Industrialists Incentive Scheme will be successful.
Trade and Industry Minister Dr Rob Davies believes these companies will succeed in contributing to the country's radical economic transformation and economic growth, along with the creation of 5 235 direct and 1 228 indirect jobs.
“I am confident that companies whose funding has been approved will be exemplary and succeed in contributing meaningfully to government’s objectives as outlined in the Industrial Policy Action Plan and National Development Plan,” he said.
The selected industrialists whose projects have been approved for funding also have access to additional forms of loan and equity financing from the Industrial Development Corporation, the National Empowerment Fund, the Public Investment Corporation and the Land Bank.
The bulk of the projected investments are to be injected into the plastics, pharmaceuticals, metals and agroprocessing sectors.