On 04 November 2015, Cabinet approved the Black Industrialists Policy which aligns with the Industrial Policy Action Plan (IPAP), the National Development Plan (NDP) and the Nine Point Plan that was announced by the President in the 2015 State of the Nation Address.
The purpose of the Black Industrialists policy is to leverage the State’s capacity to unlock the industrial potential that exists within black-owned and managed businesses that operate within the South African economy through deliberate, targeted and well-defined financial and non-financial interventions as described in the IPAP and other government policies.
The policy seeks to achieve the following objectives:
- Accelerate the quantitative and qualitative increase and participation of Black Industrialists in the national economy, selected industrial sectors and value chains, as reflected by their contribution to growth, investment, exports and employment.
- Create multiple and diverse pathways and instruments for Black Industrialists to enter strategic and targeted industrial sectors and value chains.
- In short therefore the broader objective is aimed at promoting industrialisation, sustainable economic growth and transformation through the support of black-owned entities in the manufacturing sector.