Through its Black Industrialist Scheme (BIS), the Department of Trade and Industry (DTI) has granted R13.5-million in funding to establish a new black industrialist firm in Pinetown, KwaZulu-Natal. Trade and Industry Deputy Minister Bulelani Magwanishe will officiate the launch of the firm, Microfinish Automotive, on July 7.
As part of the Black Industrialists Policy, the BIS aims to unlock the potential in black industrialists operating in the South African economy through deliberate, targeted and well-defined financial and nonfinancial interventions.
“Microfinish has utilised the DTI’s Export Marketing & Investment Assistance Scheme to exhibit and market the company at numerous international and South African trade fairs, resulting in the addition of new customers in Europeand the Middle East,” noted Magwanishe in a statement. Microfinish is among 46 black industrialist projects that have been approved for joint support from the DTI, development finance institutions and commercial banks through the black industrialists financing forum.
“A total of 16 of these approved are from KwaZulu-Natal. These projects will be injecting [an investment of] R3.7-billion into the economy and generating more than 8 000 direct jobs and 12 000 indirect jobs,” said Magwanishe.
