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Importance of socio-economic development

In South Africa, there is much talk about assisting the development of small business and encouraging entrepreneurship by means of creating much-needed jobs, access to markets and equity. The government has promised “radical socio-economic transformation” and has created a ministry for small business Industry aimed at pulling South Africa’s majority into the middle class.

This will not be an easy task with our current shrinking economy but there will be a continuous aim for Socio-economic development which is a means to contribute to the growth and performance of our local economy. Government is encouraging established business to contribute to Socio-Economic development in the country.

The recently elected government has stated that they are committed to eradicating poverty by creating opportunities where the poor become involved in productive activities. This applies especially to those residing in rural areas. The promotion of BBBEE in various Sectors is part of Government’s vision for the upliftment of the previously disadvantaged.

The focus will be on integrating these people into viable sectors which should hopefully boost whole communities economically. The future for these communities is believed to result in economically vibrant and fully functional communities involved in the various sectors. Empowerment is encouraged to strengthen the capacity of these individuals and communities in order to enable themselves to better their lives.

Socio-Economic empowerment is critical to meeting Governments development goals and will help to establish shared vision partnerships in the communities. With the right opportunities and essential business skills training, the communities will be empowered and have an understanding of mutually beneficial practices as well as the safeguarding of the sectors they are actively involved in. This vision should hopefully encourage people and future generations to become economically active by creating small, medium and micro enterprises (SMMEs).

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