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B-BBEE needs to be accelerated

The President says the playing field for black business people must be accelerated.

President Jacob Zuma. Picture: EWN

JOHANNESBURG - President Jacob Zuma says if the South African business community is unable to level the playing field for black business people by 2030, an assessment of transformation will have to be done.

Zuma addressed delegates during the South African Broad-Based Black Economic Empowerment (B-BBEE) summit currently taking place in Midrand.

He said nearly 20 years after democracy, the ownership ratio between white and black businesses hadn't changed much and the transformation of the economy needed to be accelerated.

"We must reach our destination within a short space of time. Next year, we are celebrating 20 years of freedom and democracy. There would be something wrong with us if we celebrate 30 years having not reached our destination. Then we would need someone to examine us as South Africans."

Meanwhile, Trade and Industry Minister Rob Davies says B-BBEE is essential for the growth of South Africa's economy.

Davies announced changes to the triple amendment bill during the summit.

He said exclusion of the majority of South African entrepreneurs from the business community would slow down growth.

"Our economy and our prospects for inclusive growth are going to be hobbled if we are only drawing economic leadership from a very small minority of our population."

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