R50m youth-owned pet food company launched
Trade and Industry Deputy Minister Bulelani Magwanishe on Friday launched a R50 million black industrialist firm in Gauteng, saying it confirms the capability of young people.
The Deputy Minister said the launch of the 65% youth-owned black industrialist company shows that young people can contribute actively to the creation of employment opportunities and growing the country’s economy.
“The launch of Maneli Pets Food proves the infinite potential and power that our youth are in possession of. South Africa has a right to a renewed hope and untamed faith because of enterprises like Maneli,” said Deputy Minister Magwanishe.
The company, which is located in Edenvale, Ekurhuleni, was approved for a grant funding of R12.5 million from the Department of Trade and Industry’s Black Industrialists Scheme (BIS). Government introduced the Black Industrialists Programme through the dti to strengthen and increase black participation and enhance entrepreneurial dynamism in the mainstream economy.
Maneli Pets Food is the second youth industrialist project that has been launched by the dti in Ekhurhuleni, following United Industrial Cablesproject earlier this year.
“Youth participation in the productive sectors of the economy has been identified as key deliverables of the Back Industrialists Programme. It is through black industrialists projects such as Maneli Pets that government aims to expand in order to change the racial composition of the South African economy, while contributing to the much-needed jobs in the country,” said the Deputy Minister.
It is envisaged that Maneli will export more than 90% of its produce to the United States of America and Europe.
The company sources its raw material from Limpopo, Northern Cape and the Eastern Cape, thereby contributing to the local procurement of inputs.
The BIS is an incentive of the Black Industrialists Programme, which aims to unlock the potential within black industrialists operating in the South African economy through deliberate, targeted and well-defined financial and non-financial interventions.
Internationally competitive black industrialists
Meanwhile, the dti and the African Programme on Rethinking Development Economics (APORDE) is due to host a panel discussion on the promotion of internationally competitive black industrialists on Wednesday.
Scheduled to be held at the at the Industrial Development Corporation (IDC) Conference Centre on Wednesday night, the seminar will look at how South Africa can promote dynamic and internationally-competitive black industrialists.
The discussion will be held under the theme ‘How can South Africa Promote a Critical Mass of Black Industrialists?’
Speakers at the seminar will include the Economic Advisor to the Minister of Finance, Chris Malikane, a senior lecturer in the Political Economy of Development at the School of Oriental and African Studies (SOAS), University of London; Professor Jonathan Di John, and the Professor of Economics at SOAS, University of London Professor Mushtaq Khan. – SAnews.gov.za