Black business called to be part of rebuilding SA economy

President Cyril Ramaphosa has called on black business and black industrialists to be part of efforts to rebuild the country’s economy.

President Ramaphosa made the call at the Black Business Council (BBC) gala dinner held at Kempton Park in Johannesburg on Tuesday night.

He warned that without investment there can be no jobs, and without job creation on a large scale “our prospects for achieving full economic transformation are diminished”.

“By strategically investing in the economy we are laying the groundwork for prosperity, connectivity, and opportunity across our nation. Green industrialisation is an area of opportunity for black business,” President Ramaphosa said. 

The President said government is prioritising the production of electric vehicles, green hydrogen production, and the processing of critical minerals essential for the battery value chain. 

In February 2024, the President announced a comprehensive set of incentives designed to spur investment in these critical sectors, which will be rolled out over a ten-year period. 

The incentives will stimulate innovation, attract private capital, and accelerate the adoption of green technologies, ensuring a just and equitable transition towards a sustainable future.

By embracing green industrialisation and promoting a just transition, the President said government is not only safeguarding the country’s environment but also fostering economic resilience and creating new opportunities for the workforce. 

The President said as part of government’s commitment to fostering economic inclusion and levelling the playing field, the Competition Commission will continue to embark on market inquiries across the economy.  

“These inquiries are aimed at addressing high levels of economic concentration and encouraging greater participation by small businesses. By identifying barriers to entry and promoting fair competition, we will create opportunities for emerging entrepreneurs to thrive and contribute to our economy.

“These initiatives underscore our dedication to promoting economic empowerment, fostering entrepreneurship, and creating a more inclusive and equitable economy,” President Ramaphosa said.

He noted that over the past 30 years, South Africa has undergone deep, fundamental, and irreversible change.

Black business has been a valued partner along this journey and he said he has no doubt it will continue to be so for time to come.

He noted that government’s relationship with the Black Business Council has deepened since the sixth administration took office in 2019. “I think I can say with confidence that it is also stronger,” he added.

President Ramaphosa commended the council for responding to the call he made during his inauguration speech five years ago for all South Africans to join government in setting its sights high on a future of growth and economic opportunity. 

“You have rallied both with us and around us as government, in what has been a turbulent period marked by a global pandemic, civil unrest, natural disaster, crises in energy and logistics, and slow economic growth that has been further exacerbated by all the aforementioned challenges. 

“We also know that as the sixth administration took office, we were also confronted with the task of rebuilding capacity in key state institutions practically from the ground up, following the devastating years of state capture,” the President said. 

What has been immensely encouraging is that the door of engagement has always remained open, he said, adding that engagements have been productive and have always taken place in a positive spirit of partnership.

“As we look to the future with optimism, let us continue to work together on this journey towards a fully transformed economy where no one is left behind,” President Ramaphosa said. – SAnews.gov.za