Business Approach to Economic Transformation

Please find below the updated background document outlining a Business Approach to Economic Transformation. It incorporates the work of the Think Tank and feedback from the Policy Committees. The document has been discussed and endorsed by the BUSA Board, for the purposes of your internal member consultations.

The Board has considered the document and provided the following input and guidance:

The Paper forms a useful background text that can be used to inform member consultations on the Business Approach to Economic Transformation – the final document should be short (approximately 3-5 pages), and more specific.

Matters that require greater emphasis and articulation will be captured in a more focused manner in a much shorter text. Such matters include:

Make it clear that this approach is businesses’ plan for Economic Transformation.
Be much more specific about what Business action is needed in each section, as a platform for action.
Emphasise the importance of sector solutions focusing on enabling and building access to capital, skill and market.
The necessity to build entrepreneurial capacity, with actionable recommendations.
Elaborating on the systemic initiatives (pertaining to transformation, enterprise development, education and skills, and job creation).
The importance of pooling businesses collective efforts through, inter alia, collaboration among business and with Government and social partners.
Including more detail on the Gini coefficient; the relationship between licensing and the B-BBEE Codes; and fleshing out what is being recommended in relation to ownership and control interventions

BUSA members are urged to thoroughly interrogate the principles, approach and proposals and provide feedback thereon. This is a pivotal piece of work for organised business and member input is crucial in ensuring that we obtain the necessary buy-in and support of business across the spectrum before we formally launch the approach.