While Eskom said it remains committed to sign all of the remaining renewable energy independent power producer (REIPP) contracts under the current bid window, it reportedly backtracked on this pledge last week.

Eskom CEO Brian Molefe reportedly refused to sign an agreement for a government approved concentrated solar project with Acwa/Redstone in the Northern Cape last Wednesday. It was the second time he had refused to sign the agreement, signalling a move to disrupt the successful REIPP programme.

However, Eskom said this was not the case.

“Eskom has not decided to put on hold any renewable energy contracts,” said Eskom spokesperson Khulu Phasiwe on Monday in an emailed response.

“On the contrary, we have signed power purchase agreements with all successful bidders and we’re committed to sign all the remaining contracts under the current bid window 4.5 of the Department of Energy (DoE).

“All that Eskom has done was to write a letter to the DoE asking for clarity or a dialogue regarding the next contracting phase of independent power producers (IPPs) beyond bid window 4.5. That does not mean that a decision has been taken to abandon the IPPs.”

However, Business Day reported on Monday that by withholding this agreement Eskom had backtracked on its commitment to sign bid window 4.5 agreements and was therefore in defiance of government’s policy set by the DoE.

“Since July, (Eskom CEO Brian) Molefe and Eskom’s head of generation, Matshele Koko, have objected to the arrangement, as it means that they are obliged to buy power from independent producers, even when it is not required by the grid,” explained Business Day deputy editor Carol Paton on Monday.

“This is especially so with renewable energy, which is available only when the sun shines and the wind blows, and does not always coincide with peak-demand periods.”

Koko, Eskom’s group executive for generation, said in an opinion piece sent to Fin24 on Monday that over the next 20 years, R1.2trn in nominal terms is forecast to be spent on approximately 7 300 MW from co-generation, DoE peaker plants, renewables, the small renewable programme and bid windows 1 to 4.5.

“It is within this context that the chairman of Eskom (Ben Ngubane) has asked for a dialogue,” he explained. “He is merely exercising his fiduciary duties. Why is he being told to shut up? It is in the national interest to have this debate.

“Who stands to benefit when this debate is swept under the carpet? After all, the current expansion plan will bring unnecessary higher cost to consumers and will ultimately increase the cost of doing business in this country, impacting country competitiveness.”

Koko said the introduction of IPPs was partly based on the assumption that Eskom would only be able to build enough generating capacity by 2022.

“But through disciplined implementation of the plant maintenance programme, Eskom has been able to stabilise the power system, resulting in no load shedding in more than one year,” he explained.

“This turnaround is a game-changer. It will have a significant impact on the expedited IPP Bid Windows which are based on Eskom not being able to turn around its operations by 2022. It significantly improves the medium-term capacity outlook. Most importantly, it has a positive impact on the price that the consumer will pay for electricity going forward.”

The Constituency for Africa (CFA) today announced that His Excellency Hage Geingob, the President of the Republic of Namibia, will participate in CFA’s 2016 Ronald H. Brown African Affairs Series.

President Geingob will provide Keynote Remarks at CFA’s Roundtable on Increasing U.S.-Africa Trade and Investment, and will Co-Chair the U.S.-Africa Policy Forum, the signature event of this year’s Series. “As a leader among Africa’s many distinguished leaders, President Geingob will bring a much needed perspective to the Ronald H. Brown Series, particularly as we discuss strategies to strengthen U.S.-Africa relations. As for trade, Namibia’s beef recently qualified for export to the U.S. market, the first African country to do so. We are extremely excited to have President Geingob join us this year,” said Mr. Melvin P. Foote, President and Chief Executive Officer of CFA.

The theme of this year’s series is “Setting the US-Africa Agenda for the Next Administration”. Confirmed Co-Chairs for the series include His Excellency Hage Geingob, President of Namibia; Ambassador Andrew J. Young, former U.S. Ambassador to the United Nations and Mayor of Atlanta, GA; the Honorable Ronald V. Dellums, former Member of the U.S. House of Representatives and Mayor of Oakland, CA; Ambassador Jendayi E. Frazer, Adjunct Senior Fellow for Africa at the Council on Foreign Relations, and former U.S. Secretary of State for African Affairs; Mr. Denis-Christel Sassou Nguesso, Founder and President of the Foundation Perspectives d’Avenir in the Republic of Congo; Congresswoman Karen Bass; Mr. Mohammed Kachallah, Acting Director General at the Directorate of Technical Cooperation in Africa; Mr. Renato Almeida, Manager of International Government Affairs at Chevron; Mr. Raymond Dabney, President and CEO of the Cannabis Science Research Foundation; and Dr. Johnnetta B. Cole, Director of the National Museum of Africa Art.

Sponsors for the 2016 Ronald H. Brown African Affairs Series include the Directorate of Technical Cooperation in Africa, Foundation Perspectives d’Avenir, Chevron, Cannabis Science Research Foundation, the U.S. Agency for International Development, and Nixon Peabody LLP.

Government has been forced to reduce duty and surtax on some products imported from South Africa in response to concerns raised by that country over the restriction of imports under Statutory Instrument (SI) 64 of 2016.

Early this month, South Africa gave Zimbabwe two weeks to remove duty and surtax on 112 products after Zimbabwe had restricted the importation of 43 products under SI 64.

Sources told Standardbusiness last week that after Industry and Commerce minister Mike Bimha took the matter to Cabinet, a few concessions would be made.

The source said: “government will be falling back on trading protocols from the World Trade Organisation to avoid some of the stipulations in the Sadc Trade Protocol of 1996. South Africa also has restrictions of its own on what Zimbabwe can export to that country.”

Industry and Commerce deputy minister Chiratidzo Mabuwa last week said the government’s response to the request to reduce duty on the 112 products would be revealed at the Sadc regional meeting.

An extraordinary committee of ministers’ meeting was held last week on August 24.

“If the SI 64 of 2016 affected, for example the informal traders, it is government’s duty to come up with alternative means such as looking at (what could be done about) other products that are still permissible to bring in,” Mabuwa said.

“For example, we have the importation of palm oil, olive oil, fridge-free margarine, washing powder, so we can let it go now but as long as firms for these products are established here, we have to create a market for them. We go and do our due diligence, look at what is involved, go into the industries where economists do their work, come up with what the national demand is, and what it is that we can do and how can we produce it.”

SI 64 of 2006 came after a number of imports regulations — SI 6 of 2014, SI 126 of 2014, SI 18 of 2016, SI 19 of 2016 and SI 20 of 2016 — which were introduced to support local industries.

Some of the 43 restricted imports include coffee creamers (Cremora), camphor creams, white petroleum jellies and body creams.

“In 2016 we issued Statutory Instrument’s number 18, 19 and 20 looking specifically at issues but it is just that SI 64 is the fattest because it has 43 items that have been grouped together. If you look at it, we did not issue anything in 2015 which means we had a lot of representations from industry and we came up with these 43 items and it is not going to be the last one. We might come up with more depending on the representations,” Mabuwa said.

Buy Zimbabwe chief executive officer Munyaradzi Hwengwere said South Africa had in the past introduced the preferential trade arrangements on Zimbabwe’s textiles. He said South Africa imposed a 65% duty on textile products, a move which suffocated textile companies in Bulawayo.

Deputy Agriculture minister Paddy Zhanda said companies complaining about the effects of import restrictions should be “ignored”.

He said trading was not really free and was actually a “war” suggesting that Zimbabwe deals with the costs of the potential effects. However, Mabuwa disagreed saying there was need to honour trading agreements.

Zimbabwe National Chamber of Commerce president Davison Norupiri said although some companies had been affected, others had seen increases well above 30% capacity utilisation and increased productivity.

“We have got companies that have registered growth in terms of capacity utilisation [and] employment [creation] which is something we cherish as a chamber. The government also whet the appetite of those who want to invest in our country. We have also witnessed massive expansion on most of the oil companies in this country,” Norupiri said.

Zimbabwe is South Africa’s fifth biggest export market in Africa. In 2015, Zimbabwe imported goods and services worth $1,8 billion from South Africa, according to statistics from South Africa’s Department of Trade and Industry.

South African firms like trading with Zimbabwe due to the strong currency the country uses at a time when the South African rand has been volatile.

First National Bank (FNB) has become the first South African financial services company to launch its own branded Android-powered smartphones.

The FNB phones, which were unveiled on Tuesday in Cape Town, include the 'ConeXis X1' which costs R150 per month over a two year period. Meanwhile, FNB's 'ConeXis A1' is priced at R59 over a 24 month period.

FNB said the phones are also set to provide free banking services while they are designed by Chinese phone maker ZTE.

Kartik Mistry, FNB's head of smart devices said the company has applied "serious attention to detail in putting an entire smartphone package together."

Mistry further said that customers can "walk into a bank with brick in their pocket and walk out with a bank in their pocket."

FNB's move to launch its own smartphone brand comes after the company unveiled its own branded mobile network last year.

FNB Connect runs atop Cell C's network as a Mobile Virtual Network Operator (MVNO).

*Fin24 has been flown down to the launch event by FNB.

Source: Fin24

Authorities at the Ministry of Solid Minerals Development yesterday confirmed the discovery of world class nickel in Kaduna State, by an Australian mining syndicate.

Top officials at the ministry, who confirmed the development in separate telephone chats with LEADERSHIP, on Monday night, said a more comprehensive report would be made available by the Ministry today.

One of the sources, who craved anonymity as he was not authorised to speak on the matter, said: “Yes it is true. Nickel has been found in Nigeria, but we cannot say anything right now. But be rest assured that a comprehensive report on the matter will be made available by the Ministry today, or as soon as possible.”

Nickel is a silvery-white metal with a shiny surface common to most metals, and is ductile and capable of being drawn into thin wires. The name is said to come from the German word Kupfernickel, meaning “Old Nick’s copper,” a term used by German miners. It is also said to be one of three naturally occurring elements that is strongly magnetic. The other two are iron and cobalt, but nickel is less magnetic than either iron or cobalt.

Nickel is used in many forms, including electric guitar strings, magnets and rechargeable batteries. It is added to a very important metal, alloy-stainless steel, which has numerous applications. It is used in cookware, cutlery, kitchen appliances and various bronzes and brasses as well as coins among several others.

LEADERSHIP findings revealed that the top ten countries where the mineral is found in tonnage include the Philippines (73,000) , Russia (240,000), Canada (240,000), Australia (234,000), New Caledonia (190,000), Indonesia (170,000), Brazil (110,000) China (102,000), Colombia (73,000) and Cuba (57,000).

Following the discovery, Nigeria is set to join the league of the world’s largest producers as the find is said to offer potential for early cash flow. Nigeria’s current major source of nickel, scrap metals, currently yields an average 2.5 metric tons annually.

The discovery was first reported by an Australian national daily, The Australian, which reported that the private mining syndicate that made the discovery was led by Hugh Morgan, a mining industry veteran.

“The discovery is unusual because the nickel is found in small balls up to 3mm in diameter of a high purity in shallow soils in what could be the surface expression of a much bigger hard-rock nickel field.

“The nickel balls, rumoured to grade better than 90 per cent nickel, and thought to be a world first given their widespread distribution, offer the potential for early cash flow from a simple and low-cost screening operation to fund a full assessment of the find that has exploration circles buzzing,” The Australian reported.

Though the newspaper reported that details of the discovery were sketchy, it indicated that the discovery was on a border town in Kaduna State, close to Dangoma, a small farming settlement about 160 kilometres northeast of the Federal Capital Territory (FCT), Abuja.

According to the report, Minister of Solid Minerals Development, Dr Kayode Fayemi, is one of 13 African ministers of mines scheduled to attend this year’s three-day Africa Down Under mining conference at Perth’s Pan Pacific Hotel in September.

… Can Generate N5trn Annually From Mining – Fayemi

Meanwhile, Fayemi has said that the analysis conducted by major stakeholders in the solid minerals sector, the Association of Metal Exporters of Nigeria, indicates that Nigeria can generate at least N5 trillion annually from mining and exporting of its vast solid mineral deposits.

He stated this in his keynote address at the opening of the 5th International Mining Investment Conference/Exhibition on Nigeria, which started in Abuja yesterday, with the theme, ‘Connecting the Global Mining Industry to the Opportunities of the Solid Minerals Sector in Nigeria.’

The minister said: “Based on current data, Nigeria’s solid minerals sector only makes up about 0.34 per cent of gross domestic product (GDP).

“While that is significant, it is much smaller than its true potential as the vast majority of our mining assets have yet to be exploited.

“According to one of the major stakeholders in the solid minerals sector, the Association of Metal Exporters of Nigeria, we can generate at least N5 trillion annually from mining and exporting of its vast solid mineral deposits, with several multiplier effects on job creation, state development and social infrastructure that could position the solid minerals sector as the main catalyst for national development.”

Fayemi noted that should Nigeria successfully implement the proposed recommendations, growth is expected to return to the sector in the form of new exploration activity, operations and production from active mining, functional and expanded processing and refining capacity, and higher value-addition in exports.

“The net outcome will be the creation of thousands of direct jobs and potentially hundreds of thousands of indirect jobs. We anticipate contribution to mining GDP to exceed $25 billion by 2026 as industries are better able to use the output of the sector, substituting for imports,” he added.

The minister, however, lamented that the sector was faced with both internal and external challenges which include the lack of viable geosciences data and information, low industry participants, institutions and governance

On the external challenges, he said: “Asides the negative perceptions about the Nigerian investment environment is the turmoil besetting the global commodities market as key sources of demand that supported decent prices over the past two decades have steadily declined.

“This has put mines and mining houses under immense pressure which is reflected in the sharp decline in the share prices of major industry players such as Glencore, Anglo-American and Rio Tinto. “Naturally, as the prices of metals and their assets plunge, many of the top mining houses are pulling back from investment planning, shutting down mines and optimizing current operations. This greatly affects our prospects for new entrants into the Nigerian mining space.

He, however, stated that in spite of the abovementioned challenges, the sector was resolved to overcome them and fulfil its mandate.

“As things currently stand, in 2015, the sector contributed approximately 0.33 per cent to the GDP of the country. This contribution is a reversal from historically higher percentages (about 4-5 per cent in the 1960s-70s).

“Our policy goal is to return to a contribution level of 5 per cent -7 per cent over the next 10-15 years, and the recently approved Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) is very supportive of this aspiration.

Also speaking the vice president, Prof Yemi Osinbanjo, who was represented by the special adviser to the president on Economic Matters, Dr Adeyemi Dipeolu, said: “The conference is important because it is coming at a time when the world is mired in economic crises, which requires a synergy of efforts to restore goals and normalcy.

“The administration of President Buhari has consistently advocated and pursued the formidable policy of diversifying the Nigerian economy from over reliance on crude oil with the current economic downturn. It had become imperative that we focus on areas of comparative advantage, like agriculture and solid minerals development.”

While urging the participants to bring up strategies of engagement, he assured that the federal government, through the Ministry of Solid Minerals Development, had developed a roadmap to provide the basis for some key initiatives which had been identified as crucial to the success of the sector.

Nairobi — President Uhuru Kenyatta has finally signed into law the Banking (Amendment) Bill, 2015 aimed at regulating interest rates charged by banks.
 

He said since receiving the Bill, he had consulted widely and it was clear to him from those consultations that Kenyans were disappointed and frustrated with the lack of sensitivity by the financial sector, particularly banks.

"These frustrations are centred around the cost of credit and the applicable interest rates on their hard-earned deposits. I share these concerns," President Kenyatta said.

The eagerly awaited move is bound to cause a stir in the sector considering efforts by banks to have interest rates determined by the market.

President Kenyatta however recalled that this was the third time that the National Assembly was attempting to reduce interest rates to affordable levels.

"In the previous two instances, dialogue and promises of change prevailed and banks avoided the introduction of these caps. Banks failed to live up to their promises and interest rates have continued to increase along with the spreads between the deposit and lending rates."

He said after taking all these considerations in account: "I have assented to the Bill as presented to me. We will implement the new law, noting the difficulties that it would present, which include credit becoming unavailable to some consumers and the possible emergence of unregulated informal and exploitative lending mechanisms."

He says despite having one of the most efficient and effective financial markets, Kenya has one of the highest returns-on-equity for banks in the African continent.

Banks he noted, need to do more to reduce the cost of credit and ensure that the benefits of the vibrant financial sector are also felt by their customers.

The Bill was presented to the Head of State after it was passed by the National Assembly on July 28, 2016.

President Kenyatta said his government would accelerate other reform measures necessary to reduce the cost of credit and thereby create the opportunities that will move the economy to greater prosperity.

"We also reiterate our commitment to free market policies in driving sustainable economic growth, to which we owe much of our success."

Government has warned foreign envoys against trying to lecture Zimbabwe on human rights saying they needed to deal with the logs in their eyes first. Responding to statements issued last week by the United States and Canadian embassies to Zimbabwe on recent violent demonstrations by the opposition, Information, Media and Broadcasting Services Minister Dr Christopher Mushohwe yesterday said the ambassadors betrayed clear hostility towards the Government of Zimbabwe, and a sinister partiality for the opposition.He said both embassies were not in Zimbabwe to involve themselves in the domestic affairs of Zimbabwe, let alone to interfere with, or take sides in local politics or even to give themselves an imperious role of judging Zimbabwean politics.

“Zimbabwe is a sovereign state which, is equal to any other in the world, including the US and Canada, whatever illusions ambassadors of those two countries here may harbour in their minds. Beyond diplomatic relations as regulated by the Vienna Conventions, there is nothing else that gives governments of those two countries or their emissaries here any special claim to our politics, or a judgmental role on occurrences

“Their statements last week were not only unacceptably repugnant, but vainly suggested their governments play father figure to a sovereign state, as if Zimbabwe is under some kind of joint US-Canadian trusteeship. For the record, Zimbabwe gained its Independence in 1980 following a national liberation struggle which never enjoyed an iota of support from the West,” he said.

Dr Mushohwe said Zimbabwe, being a sovereign state, was equal to any other in the world, and was free to pursue its own national policies as supported by its democratically elected sitting Government.

He said Zimbabwe took no orders from any foreign state – big or small, far or near – in the pursuit of its politics, policies and decisions.

“The US government, with more than a decade of a raft of punitive measures it took to unilaterally sanction Zimbabwe, is the least qualified to lecture Zimbabwe on welfare issues relating to Zimbabwean citizens. Through those illegal sanctions, the US government has undermined the Zimbabwean economy, thereby bringing untold suffering to the People of Zimbabwe.

“The US thus should never be allowed to blame the Zimbabwe Government for effects of its spiteful policies here. The least the US Ambassador Harry Thomas here can do, is to keep his mouth shut, instead of compounding the crimes of his government against the people of Zimbabwe by parading false piety,” he said.

Dr Mushohwe said Western governments, including those of the US and Canada, did not support the constitution-making process when it was underway but were hostile to it.

“Today, they cannot remind us of provisions of the same law they opposed only yesterday or stand as watchdogs over its daily observance here. In any case, before both ambassadors issue out their condescendingly sick statements on local politics, and on the upholding of human rights here, let them pause a while to examine their home environments where rights of men and women of colour, and rights of indigenous populations, are daily wantonly trampled upon by their own governments, with absolutely no recourse to countless victims,” he said.

Dr Mushohwe said hardly a month ago, more and more African-Americans were shot and killed in cold blood by the US police but the ambassador who was himself an African-African American remained silent on the issue.

“Why did he not write home to remind his own government on the need to uphold the rights of fellow blacks back home? Or resign in protest to vindicate his claim to commitment to human rights? Such rank hypocrisy is not only sickening but, for the American Ambassador, amounts to complicity with his Government in a war against his own kind. Let not those with logs in their eyes seek to cure imaginary specks in African eyes,” he said.

Last week, the United States Embassy, Canada and Australia issued separate statements supporting the protests and condemning law enforcements agents for maintaining peace and order by arresting illegal protesters.

“The United States is troubled by the economic policies and financial strains that have prompted numerous recent protests in Zimbabwe and we join many Zimbabweans in their deep concern over reports of violence during some of the protests,” reads statement released by the US embassy in Harare yesterday.

The US embassy also said it was “monitoring recent threats to crackdown on activists using social media”.

On the other hand, the Canadian embassy said: “The Embassy of Canada to Zimbabwe is increasingly concerned with reports of violence and human rights violations in response to public protest.

“The Embassy of Canada calls for calm and stresses the importance of peaceful dialogue. The Embassy of Canada reiterates its call on all stakeholders to respect the Constitution of Zimbabwe, in particular, the freedom to peacefully demonstrate, the right to personal liberty, the right to personal security and the rights of arrested and detained persons,,” read the statement.

Information, Media and Broadcasting Services permanent secretary and Presidential spokesperson, Mr George Charamba warned opposition elements that Government would come hard on protesters who seek to destroy the country.

Speaking to ZBCTv, Mr Charamba said Government would not allow another demonstration that the opposition groups were planning for Friday.

“Let them test the authority of the State. Let them test the authority of the State and then they will realise that until and unless you keep within the lawful confines of the law, the full might of the State will visit you.

“Of course, they have crossed the line. This whole nonsense of trying to create a Zimbabwe which is a burning country will not be repeated. We needed what happened last Friday and Wednesday because if we had moved and moved decisively, ahead of such demonstration of hooliganism, then there would have been an outcry to say the Zimbabwean Government is trampling on human rights. So they got their first and last chance,” said Mr Charamba.

Sumbe — The Simgerf Agro-Pecuária farm, situated in Sumbe, central Cuanza Sul province, has an output of 4,500 eggs a day, as a result of the investment made in 2014 that involved 5,120 laying hens.

Owned by Francisco Figueiredo Júnior, the undertaking was established in 2012, but only the following year did it start poultry industry.

With an initial Akz 40 million investment granted by the Banco de Comércio e Indústria (BCI), the farmer built the aviary and purchased 2,120 hens and set up the feed plant.

Right now, the third aisle has been built covering 500 square metres to accommodate 54,000 new hens. Another 18,000 hens are being raised that will bring the price of egg down.

There are also 5,000 broiler chickens in preparation.

The farm is awaiting a slaughterhouse for 150 chickens an hour.

Feed production

The project follows the setting up of a feed plant expected to stimulate egg production.

With a capacity to produce three tons per hour, the plant is fed with maize grown on a 120 hectares field.

The birds consume an average 900 kilograms of feed per day.

About 60 percent of the production is to cater for the local market, being the remainder sent to the markets of Benguela, Huíla and Cunene.

The undertaken employs eight workers with ages ranging from 18 to 24 years and one veterinary that secures the technical assistance. It cover an area of 1000 hectares, 100 of which for poultry.

Western Cape businesses invited to enter entrepreneurship awards

Western Cape businesses have two weeks left to enter the Premier's Entrepreneurship Recognition Awards (PERA).

Now in its fourth year, the PERA awards seek to celebrate entrepreneurs who are contributing to job creation and growth. Entries close on 5 September.

Premier Helen Zille and Alan Winde, MEC of Economic Opportunities, last month launched entries for the 2016 PERA awards.

PERA is an initiative of the Department of Economic Development and Tourism. Over 700 entrepreneurs have entered the awards since 2013.

MEC Winde encouraged entrepreneurs to enter. "Through the efforts of our innovative and dedicated entrepreneurs, employment is created for over 500 000 people. PERA seeks to celebrate their achievements and to inspire other potential businesspeople to grow and start businesses."

The initiative is being co-sponsored by Absa.

Doug Walker, Managing Executive for Absa Western Cape, said: "At Absa we recognise the vital role SME's play in our economy in generating economic growth and job creation – we are delighted to be a partner of the PERA awards. We see the awards as an important platform to showcase and create a culture of entrepreneurship in the Western Cape.

"We also recognise the importance of SMEs as an engine of economic growth and we are committed to partnering with other stakeholders to develop sustainable SMEs. Our support for these awards is in line with our Shared Growth vision, through which we aim to use our assets and resources to grow and develop the societies where we operate while growing our business."

Absa's Shared Growth strategy focuses on three priority areas, namely: education and skills, financial inclusion and enterprise development. Walker said the concept of Shared Growth recognises that: "As we grow, society prospers, and as society prospers, we grow. This theme of reciprocity is critical if we are to succeed."

There are 11 categories and the winner in each category will receive R100 000. The second place and third place entrepreneurs will received R50 000 and R25 000.

The overall winner will receive R100 000 prize money to grow their business and an overseas trip to a conference or trade fair.

There will be 3 finalists per category; one winner will be selected per category from the 3 finalists, resulting in 11 winners. An overall winner will be selected from the 11 winners.

The overall winner will be judged on the ability of the business to sustain/create jobs and to increase its turnover in the medium to long-term.

Emerging Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

Established Business: Operating in the Western Cape for longer than 36 months with an annual turnover of more than R10m and less than R50m;

Social Enterprise: Any revenue generating entity operating in the Western Cape for 12 months or longer, which aims to address a social challenge or need;

Innovative Student Business Idea: Student defined in a narrow sense that is any full time student at a Western Cape tertiary institution including TVET colleges. This refers to an innovative solution (idea or concept) to a new problem or service. This category will not be taken into consideration for the overall winner;

Most Innovative Business: Operating in the Western Cape for 12 months or longer. This refers to an innovative solution or approach to an existing service or product;

Job-creating Business: Operating in the Western Cape for 36 months or longer with an annual turnover of less than R10m and an indication of the number of permanent employees appointed over the last financial year;

Emerging Rural Business: A business in its initial growth phase based in areas outside of the Cape Metropolitan area and operating in the Western Cape for 12 months or longer, but not longer than 36 months. The business should have an annual turnover of more than R500 000;

Emerging Tourism Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

Emerging Agri-Processing Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

School Business Idea: Any high school in the Western Cape (Grade 8 to 12 learners or equivalent). This category will not be taken into consideration for the election of the overall winner. Learners could also apply independently (prize money to be paid to the applicant); and

Business with Global Reach: Operating in the Western Cape for 36 months or longer with a minimum turnover of R10m and less than R50m. The operations of this business should have a global reach.

The overall winner will be judged on the ability of the business to sustain/create jobs and to increase its turnover in the medium to long-term.

Issued by: Western Cape Agriculture and Economic Development