Posted: November 7, 2022
The Deputy Minister of Trade, Industry and Competition, Ms Nomalungelo Gina will address the National Council of Provinces (NCOP) on the work that the department is doing for the Township and Rural Economy in a virtual session that will take place tomorrow, 8 November 2022 from 10:00. The ministerial briefing will unpack measures to unlock and grow the full potential of the township economy.
The continued challenges faced by the global economic community has resulted in undesirable repercussions on the slow growth of the economy at national and local levels of businesses and industries. As part of government’s response, Department of Trade, Industry and Competition (the dtic) has taken the lead to seek solutions toward the attainment of inclusive, equitable and transformed economy.
“In our effort toward achieving the dtic’s objectives of industrialisation, transformation and building of a capable state, the department is working on a coherent approach to help consolidate and grow the township and rural-based economic opportunities,” says Deputy Minister Gina.
As part of the Spatial Industrialisation Development Strategy, a Township and Rural Economy Development Framework is being crafted to guide the work of the dtic to respond to the current gaps that are faced by industry and business in the townships and rural areas.
Gina’s presentation will unpack measures that the framework for township and rural economy seeks to attain and provide targets for the 2022-2023 financial year.
the dtic has commissioned a study to map out and identify opportunities in the township and rural economies. Parallel to this study, several demonstration case studies will be identified from existing pool of initiatives or projects, in order to be supported for expansion or growth of their scale of production.
“It is important for the dtic to respond to current constrains that township and rural-based enterprises and industries are experiencing, hence our determination to develop a focused approach,” says Gina.
She adds that resources for this programme will be drawn from the dtic’s funding incentive streams and its development finance institutions, namely, the Industrial Development Corporation and National Empowerment Fund.
To date, the dtic has hosted a number of consultative engagements with provinces, agencies and other critical stakeholders from private business, with the aim of securing buy-in and collaboration for implementation of feasible projects.
The NCOP session will be broadcast on the Parliamentary Television Channel.
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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