Black industrialists programme to boost economy
South Africa’s Black Industrial Programme (BIP) will boost transformation and provide the impetus towards job creation and industrialisation in the face of the current economic climate, says PwC.
With the recent introduction of the new Broad-Based Black Economic-Empowerment Codes of Good Practice, government intended to adopt a focused approach to support black industrialists to enhance South Africa’s industrialisation efforts.
As such, the Department of Trade and Industry (DTI) set out to launch the BIP programme in early 2016.
”There is a compelling need to increase the number of black industrialists and, in particular, entrepreneurs in the mainstream economy,” PwC Incentive Practice partner Tapie Marlie said in a statement.
He added that the BIP would advance government’s key objectives of industrialisation, skills development and job creation. “Currently, access to finance and skills have been identified as the primary constraints for many existing and emerging black industrialists.
“Government has indicated that more initiatives and incentives need to be put in place to help develop and create black industrialists in the country,” he noted.
Cabinet approved the BIP programme, which would form stakeholder relationships with multinational corporations, commercial banks, development finance institutions and State-owned enterprises, in November.
“If we want a strong economy that is inclusive and sustainable, we must address the challenges that black businesses face. In so doing, we will broaden the industrial foundation together, as a diversified nation,” Marlie concluded.
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