Government is set to establish the Broad- Based Black Economic Empowerment Advisory Council to advise President Thabo Mbeki on the implementation of BEE strategies to make sure that full transformation of the business sector is in accordance with economic growth, the government news agency BuaNews reported on Monday.
Releasing the BEE strategy document in Pretoria on Monday morning, Minister of Trade and Industry Alec Erwin said the BEE strategy was meant to address the imbalances of the past and accelerate economic growth in which the historically
disadvantaged would play a major role. The Council will comprise 19 members, four of whom will be Cabinet ministers. The remaining 15 members will be appointed by the President.
‘BEE is an integrated and coherent socio-economic process that directly contributes to the economic transformation of South Africa and brings about
significant increases in the number of black people that manage, own and control the country’s economy,’ the document states.
Erwin said government had defined the structural obstacles that black people faced in order to participate in the economy and the document would address those obstacles.
‘Black people have had structural barriers to participate in the economy. If our economy remains unequal then the economy won’t grow. We have an inclusive process that all citizens should play a major role and I stress that all South Africans should be part of this economy,’ he added.
The trade and Industry minister said government would utilise a number of policy
instruments, amongst others legislation and regulation, preferential procurement,
financial and incentive schemes to achieve BEE objectives. – I-Net Bridge