Zulu calls on business leaders to back radical economic transformation

Small Business Development Minister Lindiwe Zulu addressed the Progressive Business Forum's breakfast briefing on Sunday morning.

Lindiwe Zulu, the Small Business Development Minister, delivers her address at the Progressive Business Forum's breakfast on day three of the ANC's policy conference. Picture: Thomas Holder/EWN.

JOHANNESBURG - Small Business Development Minister Lindiwe Zulu has called on business leaders to buy into the African National Congress’ (ANC) strategy for radical economic transformation.

She says the plan is the best path for South Africa's future.

Zulu addressed the Progressive Business Forum's breakfast briefing on Sunday morning, running parallel to the ANC’s national policy conference.

“As South Africans, we have to make sure we buy into this concept because this concept will be able to assist us.”

Zulu says the ANC’s idea of radical economic transformation has attracted a lot of interest at the conference Nasrec.

She says the strategy will go a long way in reducing inequality.

“A clear objective of radical economic transformation must be to reduce racial, gender and class inabilities.”

Zulu says her department aims at growing small businesses and not having them remain informal.

Zulu says she acknowledges that the country's technical recession will make it difficult for small businesses to develop.

Apart from the recent ratings downgrades, Zulu says there are problems that may be self-imposed.

“We must be able to recognise that amid the ratings downgrades, there is progress.”

She says the ruling party's plan for economic transformation will stabilise the country, if there’s buy-in from the private sector.

Meanwhile, ANC Treasurer General Zweli Mkhize has stressed the need for policy consistency.

“There is a degree of consistency that we have to deal with in terms of how we approach economic policies. It’s important to make a point that the ANC should not be disruptive in the way it manages the policy process.”

The radical economic transformation has been the buzz word for the ANC recently, with some leaders in the party embracing the term while others claim it’s being used by a faction that wants radical policies to benefit their families and friends.

WATCH LIVE: Progressive Business Forum breakfast

(Edited by Shimoney Regter)