STATE OF THE NATION ADDRESS 2004
Govt to set up BEE advisory body
Richard Mantu
21 May 2004
The government is to establish a Black Economic Empowerment (BEE) Advisory Council to ensure the implementation of targets laid down by the country's BEE legislation, says President Thabo Mbeki.
"One of its tasks will be to consider the steps we need to take to achieve the speedy and effective implementation of this empowerment legislation", Mbeki said during his State of the Nation Address in Parliament on Friday.
The council would also advise the government on the implementation of BEE strategies while ensuring that the full transformation of the economy was in accordance with economic growth.
The body will also devise government strategies to take advantage of industry-specific BEE charters.
The council will comprise 19 members, four of whom will be Cabinet ministers.
"The National Empowerment Fund will also announce new financial and non-financial products within the next few months, in order to accelerate the financing of
BEE programmes", Mbeki said.
The government has already allocated R1-billion to the fund in the current fiscal year, with R10-billion to be allocated over the next five years to finance BEE deals.
Mbeki said particular attention would be paid to small and medium enterprises (SMEs) through a review of the regulatory framework that affects the sector. The review will be completed by September.
Mbeki said the government would merge the Ntsika Finance Enterprise and the National Manufacturing Advisory Centres before the end of the year, to create a single agency to provide non-financial support to SMEs.
The unified agency will have a budget of R120-million, which will be used to promote and encourage entrepreneurship.
Source: BuaNews
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