Trade and Industry minister Ebrahim Patel says that more needs to be done to promote black industrialists and small businesses in South Africa.
Presenting his departmental budget speech on Tuesday (18 May), Patel said that government will now look at reviewing and enforcing Black Economic Empowerment (BEE) regulations to improve outcomes.
“Though we have made progress with broad-based black economic empowerment, it is clear that we need to bring greater rigour and credibility to BEE statistics and practices and ensure that claims made by firms in their BEE reports are verified,” he said.
“This may require adjustments to the reporting requirements. I will appoint an expert panel to review the current BEE framework in order to address these legitimate public concerns.”
Read the full article on the BusinessTech website: Government to review BEE rules for South Africa