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The Deputy Minister of Trade and Industry, Mr Mzwandile says the department will work in collaboration with the Eastern Cape government and businesspeople in order achieve economic development and growth in the province.

Masina was delivering a keynote address at the annual Eastern Cape Economic Symposium that was hosted by the province’s Department of Economic Development, Environmental Affairs and Tourism in East London today.

Speaking on the Black Industrialists Programme, Masina said the dti will be working closely with the EC government to ensure that black entrepreneurs benefit from the programme and contribute meaningfully and increasingly in the industrialisation of the province to achieve economic inclusivity, development and growth.

“As government we have a strategic impression that there is a need to expand the base of entrepreneurs and industrialists from the current small base of mainly white entrepreneurs and industrialists. The black majority need to produce more and more entrepreneurs and industrialists as a way of creating multiple avenues for channeling economic opportunities and benefits to the black population,” said Masina.

He added that the expansion of the base of black industrialists may rapidly create more employment and thereby rapidly reduce poverty and inequality.

“This is due to the fact that the emergence of a black industrialist class implies that there will be the creation of new industrial assets. The creation of new industrial assets has a direct impact on employment creation and economic growth. In the context of this region, these new assets must emerge out of the conversion of the subsistence land resources available into commercial values,” emphasised Masina.

He added that the primary impact of the black industrialist programme was intended to be the establishment of new and diverse industrial assets upon which employment could be created.

“The second intended impact of this programme is related to the need for the restructuring of the South African economy. South Africa’s industrial economy is spatially concentrated and systematically leaves out great sections of the population in investment-starved regions,” explained Masina.

Masina reiterated that the opportunity for growth in the Eastern Cape depended on all stakeholders’ capacity to bring to industrial and commercial economic life the natural resource advantage like agricultural land that the province possesses.

“The unlocking of this potential involves the harnessing of entrepreneurial creativity among the established and emerging business networks and the ability of provincial government to harness both private and public investment to capitalise the industrial ambitions of provincial entrepreneurs,” stressed Masina.

He concluded by urging businesspeople in the EC province to leverage on the Black Industrialists initiative to build developmental business platforms that will pursue the Eastern Cape’s industrial and economic growth objectives.

Issued by The Department of Trade and Industry