The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe launched a multi-million rand Black Industrialist firm, Microfinish Automotive in Pinetown, KwaZulu-Natal today. Microfinish, an automotive valve guide and valve seat manufacturer, was co-funded by the dti Black Industrialists Scheme (BIS) and KwaZulu-Natal Growth Fund.
Speaking at the launch, Deputy Minister Magwanishe said Microfinish is evidence that the Black Industrialist (BI) Programme is succeeding and transforming the economic landscape of the country.
"Being one of the beneficiaries, Microfinish alongside 16 other black industrialists manufacturers will inject R1 billion and create 2400 direct jobs and 1700 indirect jobs in the KwaZulu-Natal region. It also contributes to improved production efficiency, job creation and global competiveness," said Magwanishe.
Magwanishe also said that the project strengthens the capability of components manufactured to support the automotive sector. He congratulated Toyota for giving market access to Microfinish as one of their suppliers.
"We are confident that KwaZulu-Natal provincial initiatives, such as Operation Vula will continue to pay a positive role in providing procurement opportunities to other Black Industrialists. Therefore, in our BI projects lies a renewed affirmation in job creation and social economic transformation," added Magwanishe
Speaking at the same event, the Managing Director of Microfinish, Mr Brian Naidoo said as a company, their social objective is to invest in the development of our staff, increase employment in South Africa and support the localisation and empowerment initiatives that have been mandated by government.
"Hard work, dedication, commitment and financial support are what it has taken to get this facility up to the world class standard that is today. The international exposure received through interventions and collaboration with the dti is indicative of the expanding footprint South Africa has in the global market. Microfinish is grateful for this as most of our business is export," said Naidoo.
He added that the company is eager and have an appetite to service national business partners and they are happy to report that collaboration in this regard is on-going.
"We hope to report on securing partnerships in the not too distant future and strengthen relations in the local market," he said.
The BIS is a grant programme of the Black Industrialists Policy that aims to unlock the potential within black industrialists operating in South African economy through deliberate, targeted and well-defined financial and non-financial interventions.
Issued by: Department of Trade and Industry