This chapter critically examines South Africa’s thirty-year pursuit of a developmental state through the dual lenses of industrialisation and Broad-Based Black Economic Empowerment (BBBEE). It interrogates the evolving policy architecture from the Reconstruction and Development Programme (RDP) to the National Development Plan (NDP), assessing their contributions to state-led economic transformation. Drawing on developmental state theory, the chapter explores the necessary preconditions for development-orientated leadership, a capable bureaucracy, embedded state-business partnerships and coherent industrial policy and evaluates their presence in South Africa. Despite targeted interventions, including the Black Industrialist Programme, persistent structural constraints, a skills deficit and institutional inefficiencies have hindered broad-based transformation. Industrial decline and limited BBBEE impact underscore the complexities of balancing redress with growth in a globalised economy. The chapter argues that while South Africa exhibits features of a developmental state, outcomes remain uneven, and success will hinge on educational reform, bureaucratic meritocracy and a renewed commitment to inclusive industrial development.