Cabinet approved the long awaited Black Industrialists Policy, Minister in the Presidency Jeff Radebe announced on Thursday.

Briefing journalists at Parliament on the fortnightly post cabinet meeting, Radebe said the policy would form part of government’s plans to expand South Africa’s industrial base.

“It calls for bolder policy interventions on the part of the State to expand the industrial base fo the country and grow the economy through dedicated support to black industrialists as highlighted in the IPAP [Industrial Policy Action Plan],” he said.

“This policy will focus on the growth and global competitiveness of black-owned enterprises.”

The policy was expected to set out criteria for black industrialists to access the R23-billion being set aside for the programme by the Industrial Development Corporation.

“The intention is to contribute towards shifting the demographic composition of South Africa’s industrial sector and engage black industrialists, who are regarded as the underused sources of jobs, revenue, taxes and innovation” said Radebe.

“The policy will facilitate meaningful participation of majority black-owned and managed companies in the value chains in the industrial sector of the economy.”

Trade and Industry Minister Rob Davies was expected to hold a media briefing soon to unpack the policy.