Government says it is on the verge of finalising the much-awaited Black Economic Empowerment (BEE) Advisory Council and the related Code of Good Practice.
The council is set to ensure that the full transformation of the business sector is in line with the country's economic growth, while the Code will ensure a uniform approach is applied when the empowerment strategy is implemented.
The Council will advise President Thabo Mbeki on the implementation of the BEE strategy to ensure it is broad-based and in accordance with the economic growth targets of the country.
According to the BEE Strategy document released last year, this body will comprise 19 members, four of whom will be Cabinet ministers.
The President will appoint the remaining 15 members, who will represent labour, business and civil society.
Trade and Industry (dti) Minister Mandisi Mpahlwa told the media in Pretoria today that when finalised the two would first have to be approved by Cabinet.
The Minister briefed the media after the Presidential Working Group's first meeting with Business Unity of SA (BUSA) since the latter's formation nine months ago.
"I will not give a timeframe of the establishment of the Advisory Council, but all I can say is that there is vigorous work taking place and we are on the verge of completing work on both the Council and the Code of Good Practice," said Mr Mpahlwa.
The working group tackled issues such as BEE and the development of Small Medium Enterprises (SMEs) as a way of addressing unemployment, the latest developments in and challenges facing the economy such as poverty.
BUSA President Patrice Motsepe said the business sector was committed to ensuring the creation of an environment conducive to halving poverty and unemployment by 2014.
He also said the challenges facing the current BEE transaction, which seemed to favour the minority sometimes, would be for black people to ensure the majority of all South Africans had a slice of the BEE pie.
"Business sees itself as a partner and its fully committed. For those blacks who have been beneficiaries of empowerment they have a significant role to play to ensure that as many of our people are beneficiaries of empowerment," said Mr Motsepe.
Source: Bua News