File image

Cape Town - The Minister of Trade and Industry, Dr Rob Davies says that deep industrialisation will depend on creating large markets across the African continent and this needs to be seen as a regional matter due to South Africa being too small and will not be able to support it on its own.

According to Minister Davies, Africa is at risk of becoming the dumping ground for unsaleable products from the rest of the world and due to this it makes addressing issues of poverty, unemployment and inequality much more difficult and therefore he sees deep industrialisation as the solution.

Minister Davies, says: “South Africa is not the only country facing economic challenges, but we need to step up efforts to restore Investor confidence, confidence in the economy, increase consumer demand secures higher levels of black economic empowerment with regards to management, control and ownership of the economy and to create employment.”

He says that the continent has a need to reduce dependence in raw materials and create new products with value-addition.

He also told delegates at the manufacturing indaba that government will remain committed to promoting the high growth of the economy, which is inclusive and he emphasised that in order for this growth to happen our economy needs to be radically transformed through changes in the structure.

Minister Daves added that the indaba supports the entry of black people involved in the productive sectors of the economy and that people needs to be seen in ownership and management.

Read also: The DTI and United Nations collaborate for regional trade research | IOL

“We want a level of empowerment that supports entry of black companies that are real players. Since its establishment last year, the Black Industrialists Programme has supported projects, with an investment value of R3.9 billion,” he says

He says that this support has created some 8,000 new jobs and the Department of Trade and Industry (Dti) is confident that it will meet its target of getting 100 black industrialists up and running well before the initially projected deadline of March 2019.