Failing township economy. Image:

Failing township economy. Image:

DTI Minister asks the government to rescue the falling township economy

The 4IR is here to stay and spaza shops need help to up their game.

Failing township economy. Image:

Failing township economy. Image:

The Deputy Minister of Trade and Industry, Fikile Majola, is asking the government to take a deeper look into establishing markets for small business operators to trade their goods and products in South African townships, in aims to revive the failing economy. 

Vilakazi street is the “ideal” model for township economies

“We need to use the model of Soweto’s Vilakazi Street and replicate it across many townships. The government needs to consider seriously providing infrastructure for such trading markets so that people who have business ideas can have space from which to promote and sell their products. This will contribute positively to the task of rebuilding the township economy.” 

The Deputy Minister of Trade and Industry, Fikile Majola

The minister was addressing young entrepreneurs on Monday in Krugersdorp, with the purpose of the event being to unpack opportunities and edify young vendors’ entrepreneurial skills, amidst the fourth industrial revolution. Majola reiterated that the increase of supermarkets has also contributed to the decline of the township economy, which used to do substantially well.

Minister Majola: “As you will know, robots cannot make people”

“As you will know, robots cannot make people, it is people who make robots and it is people who will have to control and fix them when they break. Gone are the days when you need to be computer literate to stand a chance at securing a good job.

The future of work and business, will also require individuals to be information literate. So now in the competitive world of work, you will also have to have the ability to read data from sources, be able to interrogate and analyse that data to assist organisations in making critical decisions.”

The Deputy Minister of Trade and Industry, Fikile Majola

The 4IR is here to stay

The National Youth Development Agency was present during this seminar, as well as other fundamental partners from 4IR experts including Mogale City Municipality, Industrial Development Corporation, and the Small Enterprise Finance Agency.

Standard Bank’s, Lebohang Ahutu, spoke on behalf of the Fourth Industrial Revolution, Ahutu emphasised that entrepreneurs should recognise this new age. Furthermore, he stated that if used correctly this revolution can be of benefit to industries, business opportunities and skills.

Unemployment is still a crisis

The country is still facing an unemployment crisis, and other issues such as lack of capital, government support programmes and the limitations of red tape bureaucracy.

“The emergence of the 4IR is inevitable, and young people need to prepare and acquire the necessary skills, it is still critical to ensure that jobs are secured and retrenchments are avoided as much as possible. At a time when we are faced with an unemployment crisis in the country, the private sector should take the necessary care to avert job losses where possible.” 

Ms Joy Maimela, National Youth Development Agency