Mr President acknowledged that SA economy is facing tough headwinds due to slow growth in the global economy while he asserted that “political freedom without economic freedom is incomplete.”
De-racializing SA economy he said, is imperative to the actualization of the black economic empowerment as the government business and labor work together to reignite economic growth.
Zuma in his opening remarks during the B-BBEE Advisory Council meeting at Union Buildings said it’s remarkable how government, labor, government and business have collaborated in the past few months to turn around the economy and prevent a ratings downgrade.
“As government, business and labor work together to reignite economic growth, it is important that the goal of black economic empowerment be not forgotten so that we can effectively move forward in transforming and de-racializing SA economy.
As we have said before, political freedom without economic freedom is incomplete,” added The president.
He related that the significance of inclusive growth was brought into sharp focus when he met with black professionals at the beginning of the year in Pretoria.
“What was remarkable about that meeting was that they raised similar issues for which the B-BBEE Advisory Council was established in the first place.
Following the meeting with black professionals I have decided to establish a Presidential Working Group to serve as a forum to ensure the issues affecting black professionals are attended to.”
President Zuma said the transformation of the nation’s economy rests on the ability to empower black industrialists and entrepreneurs.
“Creating a class of black industrialists and entrepreneurs lies at the heart of the transformation of the economy. It is however critical that we go about black economic empowerment the right way.
The establishment of the BEE Commission is significant because one of its principal objectives is to eradicate the scourge of fronting…Fronting does not advance economic transformation; rather, it seeks to subvert it,” Zuma said.
He said it’s a tough time for the economy and South Africans. But then, indicated that the nation can turn around the economy, create jobs and business opportunities for the people.