National Empowerment Fund (NEF) chairman Ronnie Ntuli has called for a new form of black economic empowerment (BEE) based on the creation of black-owned companies rather than simply the transfer of equity stakes in existing enterprises.
A paradigm shift is needed to identify gaps in economic sectors to create new capacity and develop true black entrepreneurship, he said in the organisation’s annual report tabled in Parliament last week.
His comments add to the growing chorus of discontent with the model of empowerment that focuses exclusively on black shareholding , which suffered a sharp decline in value as a result of the global economic meltdown.
“BEE policy should create the platform for black people to build sustainable businesses and become leading players in their chosen industry sectors,” Mr Ntuli said.
“We need a new generation of black entrepreneurs who add genuine value to the economy and who are creators of wealth.
“Gone must be the era of vendors whose entrepreneurial vocation is to obtain shares in existing white- owned businesses, and passively watch and wait for their appreciation in value without operational involvement and contribution to economic growth or transformation.”
There is a new move towards ED. This is so overdue. I love this quote
"A paradigm shift is needed to identify gaps in economic sectors to create new capacity and develop true black entrepreneurship."
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