Anglo American (AGL), one of the world's five largest resources groups, on Thursday said it was committed to creating and sustaining 25,000 jobs by 2015. This it would do through up to 1,500 new businesses.
Speaking at Anglo American's local procurement and enterprise development trade fair, Chief Executive Cynthia Carroll said Anglo's enterprise development arm, Zimele, has already invested some 467 million rand in 845 local businesses, which together employ about 16,000 people, and generate a turnover of more than 1.8 billion rand.
She also said Anglo's commitment to developing new businesses supported the country's vision of creating economic opportunities for black South Africans.
Anglo's procurement spend with black empowered business in the past 10 years has increased from 911 million rand to 21 billion rand.
This makes up more than 40% of the group's total available procurement spend to historically disadvantaged South Africans.
Department of Mineral Resources deputy minister Godfrey Oliphant said a recent study showed that South Africa's youth would rather be entrepreneurs than be employed.
“It could be argued that lack of employment has encouraged the youth to look for alternative means to support themselves,” Oliphant said.
He said over 70% of the youth, particularly the black youth, consider running their own businesses, but they recognised that they needed experience.
He encouraged big business to get youth more involved in entrepreneurship. - I-Net Bridge