President Ramaphosa Urges Black Business and Industrialists To Help Rebuild Economy

President Cyril Ramaphosa urged black business and black industrialists to help rebuild South Africa's economy at the Black Business Council (BBC) gala dinner held at Kempton Park in Johannesburg.

Ramaphosa noted that without investment, there won't be any jobs and without job opportunities on a large scale, the "prospects for achieving full economic transformation are diminished," SA News reported.

The president explained that by strategically investing in the economy, the government is laying the groundwork for prosperity, connectivity, and opportunity across the country, adding that green industrialization is an area of opportunity for black business.

He emphasized that by supporting green industries and ensuring a fair transition, the government protects the environment while also strengthening the economy and offering new job opportunities.

The president also mentioned that the government is focused on promoting fair and economic inclusion, noting that the Competition Commission will keep conducting market inquiries across the economy.

"These inquiries are aimed at addressing high levels of economic concentration and encouraging greater participation by small businesses. By identifying barriers to entry and promoting fair competition, we will create opportunities for emerging entrepreneurs to thrive and contribute to our economy," the president explained.

Ramaphosa added, "These initiatives underscore our dedication to promoting economic empowerment, fostering entrepreneurship, and creating a more inclusive and equitable economy."

He acknowledged that over the past 30 years, the country has experienced significant and lasting changes and lauded black businesses for being crucial partners throughout these three decades.

However, he noted that the government's relationship with the Black Business Council has strengthened even more since the sixth administration took office in 2019. "I think I can say with confidence that it is also stronger," he added.

"You have rallied both with us and around us as government, in what has been a turbulent period marked by a global pandemic, civil unrest, natural disaster, crises in energy and logistics, and slow economic growth that has been further exacerbated by all the aforementioned challenges," he said.

He added, "We also know that as the sixth administration took office, we were also confronted with the task of rebuilding capacity in key state institutions practically from the ground up, following the devastating years of state capture."

Ramaphosa concluded his speech by stressing that these kinds of engagements have been fruitful and have always been conducted in a positive spirit of partnership.