The Deputy Minister of Trade and Industry, Mr Mzwandile Masina says the R54 million Sasol Business Incubator will go a long way in accelerating the growth of black businesses, particularly those that operate in the manufacturing sector. Masina was speaking at the launch of the incubator at the Sasol Chem City in Sasolburg, Free State today. The Department of Trade and Industry (the dti) contributed R20 million to the establishment of the incubator.
“We are honoured because this launch is a step towards affirming the principles of our work as a department and government. The launch of this crucial facility is a critical move towards the affirmation of the philosophy of State-Owned Enterprises as drivers of developmental and transformative investment. The incubator will boost the growth of black enterprises that need to participate in the manufacturing sector in order to contribute to the growth of the economy and in creating employment opportunities,” said Masina.
He added that the incubator was in line with the government’s programme of transforming the economy of the country by changing the ownership profile of the productive industrial assets as part of a broader social transformation project.
“Our perspective is that public institutions must be drivers of this radical reconstruction of our economy and society as we pursue economic and social redress to overcome this persistent Apartheid legacy. This principle of state-led radical transformation is particularly relevant for state-owned economic institutions. These are institutions that have capacity to redirect investment towards a path that promotes black ownership and management of strategic industrial assets,” said Masina.
Masina added that it was for this reason that the South African government undertook the task of facilitating the emergence of Black Industrialists in strategic industrial assets.
“It is part of an acknowledgement that deliberate interventions are necessary if we are to achieve a reorganization of ownership and development of industrial assets in our economy. These deliberate interventions include the availing of investment capital to potential black industrial enterprises. It further extends to the creation of public market structures that will serve as incubators of emerging black industrial enterprises for performance in the broader markets,” he stressed.
Sasol’s Executive Vice President: Energy Business, Mr Maurice Radebe said: “We are proud to have partnered with the dti in realising the Sasol Business Incubator, which will bring to life the vision of growing black industrialists as a strategic driver of the South African economy. As a proud contributor to South Africa’s transformation agenda development, we believe that stimulating entrepreneurial activity has significant potential in enhancing industrial growth.”
