The implementation of Black Economic Empowerment (BEE) and employment equity will be improved in the new administration’s five-year term, under newly inaugurated President Jacob Zuma.
“We will improve the implementation of the employment equity and BEE laws during this term,” the President said on Saturday.
Addressing the nation shortly after being inaugurated for a second term in office, President Zuma said while progress has been made in changing the ownership and control of the country’s economy, “much more work” must be done.
In the years of democracy in the country, government had to introduce the BEE programme to allow more black people to be players in the mainstream economy. BEE has since been expanded to Broad-Based Black Economic Empowerment (B-BBEE), and this was aimed at introducing interventions that would promote employment preference, skills development, ownership, management, socio-economic development and preferential procurement.
In his address to the first ever B-BBEE Summit hosted in October 2013, President Zuma described B-BBEE as an integral part of South Africa’s economic policies and transformation.
The President added that state-owned enteprises and development finance institutions will become engines of development, complementing the State in promoting inclusive economic growth.
Additionally, land restitution and distribution as well as other forms of empowerment will also be better executed in the new term of government.
“Our economic transformation programme also reaffirms our commitment to promoting local companies, entrepreneurs and cooperatives through local procurement by the state and its agencies,” said President Zuma, who was speaking from the Nelson Mandela Amphitheatre at the Union Buildings. – SAnews.gov.za