Tau banks on review of B-BBEE to strengthen local supply chains, create jobs

THE review of the Broad-Based Economic Empowerment Act is geared towards ensuring that South Africa's legal framework supports broader transformation, says Trade, Industry and Competition Minister Parks Tau.

- MAYIBONGWE MAQHINA

TRADE, Industry and Competition Minister Parks Tau during a question-and-answer session in the National Assembly.

(GCIS)

He disclosed this during a question-and-answer session to DA MP Toby Chance in the National Assembly when he revealed that the review of the Broad-Based Black Economic Empowerment (B-BBEE) will be executed in two phases.

The first phase will be a short-term review, focusing on refinement and review of subordinate legislation.

“This should be completed by the end of this financial year, he said, adding that they have been in a process of consultation to finalise the Transformation Fund, and its implementation was also part of the review process.

Tau also said the second phase was a long-term review, which involved a review of the Broad-Based Economic Empowerment Act for substantive amendments.

The review of the Act aligned with South Africa's growth and inclusion strategy of the government.