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Policies that help create black industrialists in townships and rural areas need to be the focus of the newly appointed Black Economic Empowerment Council, President Jacob Zuma said at the council's inaugural session held at Tuynhuys in Cape Town on Tuesday.
Broad-based black economic empowerment remains an integral part of South Africa's economic policies and transformation, President Jacob Zuma said at the opening of the inaugural B-BBEE Summit in Johannesburg on Thursday.
South Africa's policy of black economic empowerment is not simply a moral initiative to redress the wrongs of the past. It is a pragmatic growth strategy that aims to realise the country's full economic potential while helping to bring the black majority into the economic mainstream.
Trade and Industry Minister Rob Davies has gazetted the Broad-Based Black Economic Empowerment Amendment Bill, which aligns the various laws relating to black economic empowerment in South Africa, and makes offences such as "fronting" punishable by fines and prison sentences.