JOHANNESBURG- Cyril Ramaphosa, in his first State of the Nation Address in Parliament on Frida evening said the growth of the South African economy will be sustained by small businesses, as is the case in many countries.
“It is our shared responsibility to grow this vital sector of the economy. We will work with our social partners to build a small business support ecosystem that assists, nourishes and promotes entrepreneurs. The government will honour its undertaking to set aside at least 30 percent of public procurement to SMMEs, cooperatives and township and rural enterprises,” said.
Ramaphosa said the government would continue to invest in small business incubation and encourage the private sector to do the same.
“The establishment through the CEOs Initiative of a small business fund – which currently stands at R1.5 billion – is an outstanding example of the role that the private sector can play. Government is finalising a small business and innovation fund targeted at start-ups. We will reduce the regulatory barriers for small businesses,” he said.
He further explained that government was working to expand economic opportunities for people with disabilities.
“Among other things, the Small Enterprise Finance Agency – SEFA – has launched a scheme to develop and fund entrepreneurs with disabilities called the Amavulandlela Funding Scheme,” said Ramaphosa