Have your say on Financial Services Code

Minister Rob Davies briefing the media on the outcomes of the recent summit held in the Washington on the Africa Growth and Opportunity Act (AGOA) and also briefing on his interaction with the Hollywood Films as South Africa has an interest in attracting the filming industry to view the country as a possible market for filming movies. 12/08/2014. Linda Mthombeni

Pretoria – Trade and Industry (dti) Minister Rob Davies has called on the public to make inputs and comments on the Draft Amended Financial Services Sector Code (FSC).

“The Draft Amended FSC has unique features and deviations that intend to address transformation peculiarities that exist in the sector.

“On the ownership element, most of the principles of the old FSC have been maintained subject to periodic review by the Financial Services Sector Charter Council and reporting to the Minister of Trade and Industry on the performance and dilution of black ownership in the sector,” said Minister Davies in a statement on Tuesday.

The Service Sector Code has been gazetted in terms of Section 9 (5) of the Broad Based Black Economic Empowerment (B-BBEE) Act 53 of 2003 as amended by B-BBEE Act 46 of 2013.

“The aim is to ensure support for black owned entities (including black industrialists) and to ensure that people in marginalised areas (LSM 1-5) have access to transaction, sales and service points.

“In this regard no less than R 122 billion shall be spent by the sector under Empowerment Financing to investment (black SMME finance, affordable housing, and infrastructure and Black industrialisation) and Risk Capital Finance and BEE transaction financing,” explained the Minister.

The public has until 17 May 2016 to comment on the FSC. The public can find more information on http://www.thedti.gov.za/gazzettes/39818.pdf .

Workplace Challenge Programme (WPC)

Meanwhile, the department’s Deputy Director-General of Special Economic Zones and Economic Transformation, Sipho Zikode, on Tuesday conducted site visits to Gauteng based beneficiaries of the Workplace Challenge Programme (WPC), which is an initiative of the dti.

According to Zikode, the programme, which is a productivity and competitiveness enhancement programme aimed at small, micro and medium enterprises in the manufacturing sector, has assisted and supported over 1 140 companies since 2003.

He said it is important for the dti to assess if the programme is really making an impact.

“We are excited to see that all the companies that we visited today are now doing things better because of the programme. We need companies like these that will not only employ but train the youth to employ themselves and contribute to growing the economy. They also make sure that the development of capacity, productivity and competitiveness in the manufacturing sector is enhanced,” said Zikode.

The Deputy Director-General paid visits to Kgabo Cars and Training Centre, Legaci Laundry and Dry Cleaners, and All Cash Technologies.

Through the programme, the dti has been providing assistance in enhancing the productivity and competitiveness of firms and sectors to, not only survive the current economic downturn, but also to compete in the global market and ensure high investment and employment security with economic growth.

The programme is administered and implemented by Productivity South Africa, with the dti as the funder.

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