According to President Ramaphosa, black entrepreneur support programs would receive R55 billion.
On Wednesday, Ramaphosa acknowledged that black’s company owners still had to overcome obstacles like unfavorable policies and a lack of funding while speaking at the Black Industrialists and Exporters Conference in Sandton.
The government’s Black Industrialists and Exporters project, which was launched in 2015, according to Ramaphosa, helped about 1,000 black business owners.
The National Empowerment Fund, the Industrial Development Corporation, and the Department of Trade, Industry, and Competition are examples of organizations that will aid in this regard.
The initiative was established in an effort to guarantee greater diversity and inclusion in the economy.
At the initiative’s first conference in Sandton, Ramaphosa spoke to attendees.
A larger strategy to generate employment and independence includes effort.
The president claimed that overall, the government has invested more than R55 billion in initiatives to support black businesses.
“And that is not Mickey Mouse money. “This is real money that the government has put to good use to support the establishment and the growth of black industrialists, who we are celebrating today,” Ramaphosa said.
The national unemployment rate is high; it reached a record high of 34.5 percent in the first quarter of the year.
According to the president, entrepreneurship is becoming more and more important to support as the South African economy’s main driver.
This was going on as we looked for options.
A sizable percentage of this startling number is made up of the nation’s youth.
The government, however, is still dedicated to helping small and medium-sized business owners, the president reassured the delegates.
“We need to talk about private sector procurement, about value chains, about access to finance for emerging black businesses, and about how existing systems militate against emerging black businesses.”
“Yes, let us be open and honest and talk about how the private sector can enhance the growth of black businesses,” said the first citizen.
He claimed these were the goals. Creating possibilities, fostering innovation, and enhancing the nation’s economic competitiveness, he claimed.