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Big businesses pledged to pump billions in procurement to black-owned firms in industrial sectors

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Some of the country’s large companies have now pledged to procure goods to the value of R261 billion from black-owned firms for the next five years.

JOHANNESBURG - President Cyril Ramaphosa says big businesses have pledged to pump billions of rands in procurement to black-owned firms in the industrial sectors.Over 1,000 delegates were at the Sandton Convention Centre on Wednesday evening for the second annual event.

Since it was launched in 2016, government’s black industrialists programme has drawn funding for black-owned firms, especially in manufacturing. This means industrialists have benefited from loans, equity and other support measures to help these companies expand. Rainbow Chicken, Astral, Nestle, BMW, Samsung, Spar, and Takealot were among about 70 businesses in various sectors that have come on board.

President Raamphosa:"Let us stand united in our commitment to build a more inclusive economy. One where every entrepreneur, regardless of background, has the opportunity to succeed."

Source: News Formal (newsformal.com)

 

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