Cape Town – President Cyril Ramaphosa has urged black business and industrialists to contribute to the country’s economic revival, emphasising the importance of investment for job creation and economic transformation.
Ramaphosa made the call during the Black Business Council (BBC) gala dinner, which took place on Tuesday night at Kempton Park in Johannesburg.
He highlighted green industrialisation as an opportunity for black businesses, citing government initiatives to promote electric vehicles, green hydrogen production, and mineral processing.
“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.
Ramaphosa announced incentives to stimulate investment in these sectors over a ten-year period, aiming to foster innovation and green technology adoption.
Additionally, he underscored government efforts to address economic concentration and promote fair competition through market inquiries by the Competition Commission.
“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,” Ramaphosa said.
The president commended the partnership between government and the Black Business Council, expressing optimism for a future of economic growth and opportunity through continued collaboration.
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Compiled by Betha Madhomu
