The 370 million rand public-private partnership hub will help in providing work and skills development to the community
(WATCH VIDEO: New developments in the SMME space in Africa)
When completed the hub is expected to house about 180 small to medium enterprises
“The incubation provides opportunities for residents from Diepsloot, young people and people who in the past were confined to the informal economy,” economic development minister Ebrahim Patel told CNBC Africa.
“The hub gives premises and all support services, the platform will also help turn small businesses into viable businesses,” Patel added.
Diepsloot located in the far north of Johannesburg is one of South Africa’s biggest slums and has seen crimes of different magnitudes since the dawn of democracy in 1994.
The township has a population size of about 200 000 including South Africans and immigrants from other countries in the continent.
(WATCH VIDEO: Focus on the SMME landscape in S.Africa)
Other than creating employment, the incubation hub will help the local community with skills development necessary for business growth and eradicating acute poverty.
The Small, Medium and Micro Enterprises (SMME) incubation hub is going to be the country's first fully integrated mixed use development catering for all sizes of businesses, providing vital support and job creation to a marginalised residential groups.