Zuma addresses first B-BBEE Summit

The president told delegates there were still serious hindrances to levelling the playing field.

FILE: President Jacob Zuma visits vendors at the Progressive Business Forum on the sidelines of the Mangaung Conference. Picture: Taurai Maduna/EWN

JOHANNESBURG - The first ever national Broad-Based Black Economic Empowerment (B-BBEE) Summit kicked off on Thursday with President Jacob Zuma addressing delegates.

The president said while the country's economy grew significantly through B-BBEE, there were still serious hindrances to levelling the playing field in business.

He said more than R600 billion in B-BBEE transactions were recorded in South Africa since 1995.

According to Zuma the majority of these transactions were made by companies listed on the Johannesburg Stock Exchange.

By 2010, only 6.8 percent of the companies were owned by black people, the president said.

"There has been minimal progress since then."

Zuma says the summit must find a way to drive the industrialisation of black-owned businesses.

According to the President, once factories all over the country are owned by black people, the state will be moving towards achieving its empowerment goals.