Yekani, a black industrialist candidate, gets R400 million support

Yekani, a black industrialist candidate, gets R400 million support

Ujuh Reporter

Yekani Manufacturing is a 100% black-owned ICT electronics and manufacturing company has received a total of R400 million governmental support structured as R350 million from the Special Economic Zones Fund and a R50 million grant for machinery under the Black Industrialists Programme.

Operating from the East London Special Economic Zone (ELIDZ), Yekani currently manufactures Explora HD decoders, TEAC television sets, Set- Top-boxes and tablets and is looking to grow its base. It reported that it will employ 1000 more people as a result of the funded expansion.

Launching the new R1 billion new Yekani factory at the ELIDZ, trade and industry minister Rob Davies noted that South Africa had not been able to manufacture enough electronics products. The country largely relied on imported tablets, cell phones and all kinds of electronic equipment.

“What we are witnessing today, is a company that is getting into this space which is very important as we prepare ourselves for the 4th Industrialist Revolution. This is an example of what we can do if we put our minds to it. So I think this an investment to celebrate at a number of levels in an industry that is of strategic importance and key to job creation,” said Davies.

Davies also said the DTI will in future convene all Black Industrialists beneficiaries that have received financial and non-financial support to discuss pertinent issues on how the department can improve on their incentives grants and also on taking other beneficiaries to the next level.

Yekani CEO, Siphiwe Cele, said the new facilities will allow Yekani to lead the way in technology innovation and to help Africa secure its rightful place among global technology leaders.

“We believe that this new home will allow us to showcase our capability, flexibility, expertise and quality as well as contribution to the development of the manufacturing industry, not only in the country but also in the African continent,” said Cele.

The Black Industrialists Scheme is a grant programme of the Black Industrialists Policy. It aims propel emerging black industrialist. The scheme was launched 2016 and targeted to support 100 Black Industrialists by the end of the 2018/19 financial year. The DTI reports that the scheme had by March this year reached 102 Black Industrialists that have been approved for financial support and 48 companies received market access support.

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