SA shines at Wall Street summit

Monday, February 25, 2019

Trade and Industry Deputy Minister Bulelani Magwanishe has showcased South Africa’s Black Industrialists Programme at the 22nd Annual Wall Street Project Economic Summit in New York.

“Our Black Industrialists Programme is deliberate in the advocacy of black participation in the mainstream economy. Through this, the Black Industrialists incentive supports companies pursuing productive sectors of the economy.

“As we contest for liberty and economic empowerment, the South African government has channelled its mandate towards developing black pioneers engaged in industrial sectors,” said Magwanishe.

The Black Industrialists Programme is one of government’s instruments to encourage inclusive growth across all spectrums.

Magwanishe said through the programme, government is actively engaging in partnerships that empower black entities.

“I therefore urge minority groups, women and youth, to leverage on the opportunities available,” he said.

During the course of the four-day summit, the Deputy Minister highlighted trade and investment opportunities in South Africa, including instruments to facilitate investments.

“Invest SA, a one-stop shop service, is geared towards providing investors with services to fast-track projects, further assisting them with information, facilitation and aftercare. Thus, through the One Stop Shop, government aims to reduce red tape in areas concerning business registration, taxation, licences, visa and permit applications and other applicable services.”

Globally, the US accounts for 7% of South Africa’s total exports to the world and was ranked second as an export destination for South African export products in 2018.

South Africa will welcome a US international trade mission in August.

“The South African government is ready to provide assistance in making the mission a success, as it [did] 25 years ago, when President Mandela and Senator Ted Kennedy coordinated the same mission,” he said.

The mission will foster strong relations and partnerships between entrepreneurs in both countries.

The US remains one of the key sources of foreign direct investment (FDI) for South Africa, with bilateral investments at approximately R2.2 trillion in 2016.

Meanwhile, the Deputy Minister of Labour, iNkosi Phatekile Holomisa, who also attended the summit, said government is working hard to finalise reforms in key sectors across the South African economy.

“As part of this plan, we are taking immediate steps to finalise reforms in key sectors like mining, oil and gas, tourism and telecommunications – all of which are sectors that have great potential for growth and employment creation,” said Holomisa.

The summit was held under the theme ‘400 Years Later: Closing the Wealth Gap, Expanding Opportunity’. –