THE Buffalo City Municipality (BCM) Automotive Aftermarket Incubator in Mdantsane was in the spotlight at the National B-BBEE Township and Rural Economy Summit held in East London recently.
The inaugural Summit was hosted by the Department of Trade and Industry (DTI), the Black Economic Empowerment Advisory Council (BEEAC) and the Eastern Cape Department of Economic Development, Environmental Affairs and Tourism.
Automotive Industry Development Centre (AIDC) EC CEO Hoosain Mahomed said that while the summit took place against the backdrop of renewed government efforts to advocate for economic redistribution and a more inclusive economy. stakeholders had the opportunity to visit the incubator as an example of the progress that had been made.
“The BCM automotive aftermarket incubator is a classic example or model of how the priorities of government with respect to inclusion and economic transformation can be achieved,” Mahomed said.
“In an area where unemployment is at 66%, in partnership with the BCM and National Treasury’s Jobs Fund, we have established nine new businesses with an asset value of R2.1 million and a wage bill of R217 000.
“Between them, the new businesses at the end of 2017 earned a turnover of R7.2 million for the year. This project has created permanent employment for 71 people with an additional 300 members of the community supported.” The summit was preceded by provincial seminars which gave a voice to rural and township communities and highlighted the urgency to transform and include these areas in the mainstream economy. For more information on the incubator view www.aidcecenterprisedevelopmen…