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Home / Knowledge / News / Textiles / Textile firm fully owned by blacks launched in S Africa

Textile firm fully owned by blacks launched in S Africa

24
Jan '19

A multi-million-rand textile firm, Africa Bespoke Apparel (ABA), was launched on January 22 in Verulam in South Africa’s KwaZulu-Natal province. ABA is a company fully owned by blacks that will manufacture textile, apparel and footwear. The company is the first amongst the beneficiaries of the Black Industrialists Programme (BIP) of the government.

Deputy minister of trade and industry Bulelani Magwanishe and the KwaZulu-Natal member of executive council (MEC) for economic development, tourism and environmental affairs Sihle Zikalala inaugurated the firm, which will generate about 450 jobs within four months of operation, according to information from the department of trade and industry (DTI).

ABA was approved a funding of R35.5 million from DTI’s Black Industrial Scheme (BIS) and the project is co-funded by KwaZulu-Natal government’s Growth Fund.

The BIS is an incentive of the BIP 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.

Magwanishe added that the modern technology installed through the BIS will enable the company to triple its production. (DS)

Fibre2Fashion News Desk – India