Trade and industry Minister, Ebrahim Patel says inclusion of black industrialists and increasing the participation of youth and women in the manufacturing will expand the talent pool of the industry.
He says the Competition Commission has also worked to address discriminatory market structures that may exclude smaller players.
He says penalties and fines have been imposed on anti-competitive behaviour in the metals and steel sector.
Patel was speaking at the the Metals and Engineering Indaba hosted by the IDC in Sandton north of Johannesburg.
He says: “In 2015 I set targets for the IDC to fund a greater number of black industrialists, women and youth empowered companies. Since then the IDC has approved R6 billion for projects that are atleast 50% owned and operated by black industrialists in metals and engineering.”
“Two billion has been approved for projects that are at least 25% owned by women in the sector. Nearly R600 million has been approved for projects that are atleast 25% owned by youth under the age of 34 years.”
