What is Black Economic Empowerment?
South Africa’s policy of black economic empowerment (BEE) is not simply a moral initiative to redress the wrongs of the past. It is a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream. Black Economic Empowerment (BEE) is a programme launched by the South African government to redress the inequalities of Apartheid by giving previously disadvantaged groups, black Africans, Coloureds, Indians and some Chinese of South African citizens economic privileges previously not available to them. It includes measures such as Employment Preference, skills development, ownership, management, socioeconomic development, and preferential procurement.
Based Black Economic Empowerment (BEE is a socio-economic process that directly contributes to the economic transformation of South Africa, by increasing the number of black people that manage, own and control the country’s economy, and diminishing income inequalities. Since 1994 it has been tough for everyone, but our country requires an economy that can meet the needs of all our economic citizens – our people and their enterprises – in a sustainable manner," the Department of Trade and Industry (DTI) says in its BEE strategy document. This will only be possible if our economy builds on the full potential of all persons and communities across the length and breadth of this country.
Realising the countries full potential
Increase the extent to which communities, workers, co-operatives and other collective enterprises own and manage existing and new enterprises, and increase their access to economic activities, infrastructure and skills. “It is an integrated and coherent socio-economic process. It is located within the context of the country’s nation transformation programme, namely the RDP (Reconstruction and Development Programme). It is aimed at redressing the imbalances of the past by seeking to substantially and equitably transfer and confer ownership, management and control of South Africa’s financial and economic resources to the majority of the citizens. It seeks to ensure broader and meaningful participation in the economy by black people to achieve sustainable development and prosperity.”
“Deal with the company that has been through it all”