The government is planning to support a further 100 black industrialists as part of its black industrialist programme, Trade and Industry Minister Rob Davies announced on Tuesday. So far 102 black industrialists have been provided with financial support by the department under the programme, and 48 companies have received market access support. The programme, which will run over two years, will be fine-tuned and differentiated to tackle the different levels of development of the participants. The support for the 102 industrialists amounts to R2.2bn in commitments. It has leveraged R8bn in investment and has created and retained more than 18,484 jobs. During his budget speech, Davies also said a new R500m incentive scheme for the metal and engineering sector would mitigate the negative effect of tariffs imposed on steel imports. It would be introduced to protect ArcelorMittal, SA’s major steel producer. The tariffs were necessary to defend the steel giant against cheap imports. If SA...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now