Plan to develop more black industrialists approved
Cabinet has approved a new plan to develop more black industrialists who are also globally competitive.
The plan is also part of a broader strategy to boost South African manufacturing.
It was announced by Minister in the Presidency Jeff Radebe yesterday after a cabinet meeting.
While the details of this plan will be unveiled by the Minister of Trade and Industry, Rob Davies, the policy is expected to set out ways in which black industrialists can access the R23-billion that has been set aside by the Industrial Development Corporation.
There is much debate about this plan and what industries it should focus on.
A recent McKinsey Global Institute report recommends that South Africa should focus on five industries including manufacturing, infrastructure and natural gas.
The report estimates that if the country gets this right, it could add R1-trillion to its GDP and create three million jobs by 2030.
(File photo)