Budget Speech Cast Spotlight on Township Business
Lack of structured assistance for local communities to participate in the local economy will be a thing of the past. Business enterprises operating in the townships within the City have received a major boost as government rolls out the township economy revitalisation plan. The plan is set to assist entrepreneurs in the City to flourish by putting aside over 9 000 hectares of land targeted for industrial development.
The City’s plan is to have these township enterprises becoming sources of employment and help bring the township economy into the mainstream.
When delivering the Budget Speech MMC for Finance Cllr Nkosindiphile Xhakaza said there is an ongoing process of the identification of 30 properties for industrial development that are more than 4 000 square metres, suitably zoned for industrial purposes in townships. A further 99 properties that are less than 5 000 square metres, suitably zoned for commercial purposes, have been identified in townships.
The empowerment of township economy is key as townships are bursting with underrated businesses that need support in order to thrive. The township economy is a potential gold mine and could generate prosperity and jobs from within says Isaac Nkosi, a local entrepreneur from Etwatwa.
The Gauteng Township Economy Revitalisation Strategy states that government needs to ensure that appropriate finance and funding instruments are available for township businesses. Government will need to consider the creation of a state-owned bank which will help fund the township economy said Nkosi.