Durban - More economic transformation would take place in South Africa when more black people were able to exercise true business ownership powers, said Trade and Industry Minister Rob Davies on Thursday.
Davies was speaking at the Broad-Based Black Economic Empowerment Commission (B-BBEE Commission) annual conference at Emperors Palace in Ekurhuleni.
The commission is a statutory entity operating under the Department of Trade and Industry as a watchdog over B-BBEE implementation.
The 2019 conference explored black ownership and particularly major black ownership transactions – defined as transactions amounting to R25 million or more. The value of the B-BBEE transactions reported in 2017 and 2018 was around R115-billion, said the commission.
“In South Africa, too much [black] ownership is not real economic ownership; too often it is only legal ownership,” said Davies.