Cape Town - Trade and Industry Minister Rob Davies
will soon present proposals to the cabinet for changes to the Broad-based Black Economic Empowerment Act and the refinement of the Codes of Good Practice, President Jacob Zuma
said on Tuesday.
Presenting his budget vote speech to parliament, Zuma said that black economic empowerment (BEE) remained an important policy for the government, and the Presidential Advisory Council had recommended a review of the legislation and the codes to harmonise transformation across the government.
"We need BEE to address the monopoly domination of our economy, which remains an obstacle to the goals of economic transformation, growth and development," he said.
The advisory council had also recommended stern measures to eradicate the fraudulent practice of fronting, he added.
"We also want to shift the focus of BEE away from equity investment and ownership towards productive activities," Zuma said.