Sipho Mabena
Premium Journalist
3 minute read
28 Jan 2021
3:38 pm

New tourism fund but ‘a drop in the ocean’ of what is needed for industry

Sipho Mabena

Those hoping to enter the industry have been warned that it is a tough space, and success is far from guaranteed.

Picture for illustration. Picture: Nelson Almeida/AFP

The newly launched R1.2 billion Tourism Equity Fund (TEF) is a drop in the ocean for the largely untransformed industry with an annual turnover of more than R400 billion, according to the Tourism Business Council of South Africa. Potential new entrants to the market will not only find that it is a tough and competitive industry, but will also have to bring unique offerings to the industry which has been decimated by the Covid-19 pandemic. The council’s chief executive Tshifhiwa Tshivhengwa believes there was no better time than now to begin a transformation process for the industry as the initiative...