South Africa: Promoting Industrialisation, Sustainable Economic Growth and Transformation Key to Increasing Participation of Black Industrialists
May 7, 2018
Owner and Chief Executive Officer (CEO) of Mthembu Tissue Converting, Mr Thembinkosi Mthembu said that the assistance from Black Industrialists Scheme has boosted the company’s growth and enabled its production capacity to rise from 700 to 800 tons of paper
PRETORIA, South Africa, May 7, 2018,-/African Media Agency (AMA)/- Promoting industrialisation, sustainable economic growth and transformation are key to increasing participation of black industrialists in the main stream economy of this country. This was said by the Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe at the launch of a multi-million-rand Black Industrialist’s brand “Cloud Nine” produced by Mthembu Tissue Converting in Durban.
Magwanishe said that the Black Industrialists Policy was a key part of government’s broad industrialisation initiatives to expand the industrial base and inject new entrepreneurial dynamism into the economy. He said that Mthembu Tissue Converting was indeed an enterprise that has brought life to industrialisation, economic empowerment and local development.
“The launch of “Cloud Nine” reflects the light that we as a collective have chosen to be. Hence, it was of high priority to celebrate the results of the government’s policy intervention, alongside the Industrial Development Corporation (IDC) and other key stakeholders,” said Magwanishe.
He added that the dti noted the fruition of the Memorandum of Understanding (MoU) that was signed with the KwaZulu-Natal provincial government as it demonstrated the joint effort with the province to advance the objectives of the Black Industrialists Programme.
“Mthembu Tissue Converting has proven its persistence through its total investment of R32.7 million. Alongside this, the dti has proudly funded the company with more than R13 million, utilised to reimburse expenditure from the equipment purchase. In addition, a debt funding of R31 million was obtained from the IDC. I firmly believe that Mthembu Tissue Converting will continue to contribute significantly to building the local economy of this region,” said Magwanishe.
Owner and Chief Executive Officer (CEO) of Mthembu Tissue Converting, Mr Thembinkosi Mthembu said that the assistance from Black Industrialists Scheme has boosted the company’s growth and enabled its production capacity to rise from 700 to 800 tons of paper.
“The Black Industrialists Incentive Scheme also supported the installation of new modern technology which is used to process the tissue formation and packaging of the products. This has enabled us to triple our production, upscale manufacturing capability and has empowered the company’s competitive advantage,” said Mthembu.
Distributed by African Media Agency (AMA) on behalf of The Department of Trade and Industry, South Africa.
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