R261 Billion Procurement Commitment to Black Industrialists in South Africa 🇿🇦 [Video]

More than R261 billion has been committed for procurement by both the private and public sector from 239 black industrialists over the next five years at the Second Black Industrialists and Exporters Conference held in Sandton.
In a pledge ceremony presided over by President Ramaphosa, South Africa’s corporate sector confirmed its commitment to supporting black economic empowerment, industrialization, and job creation by pledging to procure goods and services across various sectors and value chains of the country’s economy.

The pledge ceremony formed the closing of the Second Black Industrialist and Exporter Conference, which coincided with the 20th anniversary of the enactment of the Broad-Based Black Economic Empowerment Act, and formed part of a series of events which will mark 30 years since the first democratic elections.

Procurement commitments covered several sectors in the economy, including:

Agro-processing, Agriculture and Forestry;

Auto and Rail;

Electrotechnicals;

Metal Fabrication and Industrial equipment;

Glass, Plastics, White goods and Marine;

Clothing, Footwear and Govt Procurement;

Retail;

Pharmaceuticals, and Medical devices;

Infrastructure; and

Information Technology and financial services
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The largest commitment came in the retail sector, where R80.8 billion was pledged from four retail procurement companies, as well as from the government for the procurement of e link between private and public sector support for an inclusive economy is strengthened by the standing commitments and undertakings of leading corporates in our economy to procure goods and services from Black Industrialists,” said Minister Patel.

The Second Black Industrialist and Exporter Conference, organized by the Department of Trade, Industry and Competition (the dtic) in partnership with the Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF), was held some 8 years after Cabinet adopted the Black Industrialist programme in 2016 with an initial goal of supporting 100 black-owned and managed businesses.

Since then 1 714 black-owned and managed businesses have been supported through the dtic family, including direct grant support from the dtic and industrial funding from the IDC and NEF. In the last 5 years alone, R24 billion in funding support has been provided to black industrialists through the work of the dtic family.

The conference was addressed by President Cyril Ramaphosa and was attended by more than 1,350 delegates representing more than 1,000 black-owned firms across various sectors, highlighting the breadth and depth of black entrepreneurship in the country.