Motsepe says he backs meaningful BEE in SA | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Peter Moyo

    The former Old Mutual CEO says he wants its directors jailed for six months without option of a fine.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Motsepe says he backs meaningful BEE in SA

Jun 05 2015 09:56
Matthew le Cordeur

Cape Town - While there should be more focus on entrepreneurship and business competitiveness in South Africa, billionaire businessman Patrice Motsepe said he still ultimately supported black economic empowerment (BEE).

Speaking to a packed media briefing session at the World Economic Forum on Africa on Thursday he said South Africa needed regulatory certainty when it came to the new BEE rules.

“At the heart of BEE was the need to get blacks to be stakeholders in economy,” he said. “Broad based BEE is important because we have to bring in new people so you don’t have the same faces.”

He said “we have no future in South Africa if we don’t create opportunities for as many people as possible, otherwise there will be social and political instability".

“When colonialism ended [across Africa], there was a new black elite in governments,” he said. “They were exclusive beneficiaries.

“The majority of the population either went backways or did not participate,” he said. “That is a recipe for long-term for political and social instability.

“We need meaningful black participation in economy,” he said. “We need a middle class who have a stake in this economy.”

Motsepe said his grandfather and father were entrepreneurs long before BEE came around. “What we knew was that our colour was irrelevant,” he said. “Our transactions happened before BEE.”

READ: Afrikaans business people inspire Motsepe

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
44 comments
Comments have been closed for this article.
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...