Building black industrialists in Africa

The inaugural Black Industrialists and Exporters Conference took place recently, shedding light on the importance of driving transformation and fostering partnerships between the government, the private sector, and other stakeholders in Africa. The event aimed to showcase the government's commitment to supporting black-owned companies through initiatives such as funding and capacity building programs. One of the key success stories highlighted at the conference was the partnership between the government and Original Equipment Manufacturers (OEMs) that led to the establishment of the Automotive Fund, also known as the AITF Fund. Reuben Olifant, Executive Chairman at Steelbest Manufacturing, shared his insights on how this fund has helped his company become a tier one supplier for Volkswagen in Africa. He emphasized that the Automotive Industry and Manufacturing sector is capital intensive, making it challenging for new and black-owned companies to break into the market without substantial support. The collaboration between OEMs and the Department of Trade, Industry, and Competition (DTIC) has been instrumental in providing the necessary funding and guidance for companies like Steelbest Manufacturing to thrive in the industry. Olifant detailed the process for black industrialists to access the fund, which involves securing sponsorship from an OEM, undergoing due diligence, and ultimately receiving funding to fulfill orders. This support has enabled Steelbest Manufacturing to successfully supply Volkswagen for over a year, showcasing the tangible impact of government-backed initiatives in driving transformation and empowering black industrialists in Africa.