Trade Minister concerned by hurdles faced by black-owned enterprises in the country

JOHANNESBURG - Trade and Industry Minister Parks Tau has again raised concerns about the hurdles faced by black-owned micro, small, and medium enterprises in the country.

Tau raised the frustrations impacting the growth of small businesses while speaking at a transport sector engagement session today, which focused on initiatives that support black-owned businesses across different industries.

Tau said that launching the transformation fund will help resolve some of the barriers that exist for previously disadvantaged groups-- including funding requirements.

Parks Tau published a draft concept document on the R100 billion fund last month.

The fund is expected to be a catalyst for financial support.

READ: Tau doesn't expect R100bn transformation fund to threaten existing B-BBEE legislation

Tau said that it is important to ensure that there’s also adequate support for small and medium businesses in the transport industry.

“By embedding clear targets for black ownership, management control and supplier diversity in our sector codes, we ensure that modernisation benefits all stakeholders. The transformation fund will be co-managed with private sector partners, creating accountability and shared commitment."

He called on industries to align with the fund’s objectives to achieve rapid and inclusive growth.