Busa vows to accelerate inclusive economic transformation

Business Unity South Africa (Busa) has oft been criticised by the ANC and alliance partners for not speeding up the process of transformation in the economy.

Now the organsation has released a paper outlining a proposed plan.

Busa vice president Martin Kingston explains to Stephen Grootes on The Midday Report that the purpose of the paper is to set out a dialogue with all of its social partners - government, labour, and the community at large.

The aim?

How to take stock of the progress made, where we have made errors, and how we can accelerate that process of deracialisation to ensure we really do have a truly inclusive economy that incorporates the vast majority of the people of this country.

Martin Kingston, Busa vice president

The first point he says is to take stock.

There is no credible, independent, comprehensive assessment of the amount of progress we've made with respect to transformation.

Martin Kingston, Busa vice president

A realistic objective?

To accelerate the deracialisation of the economy as quickly, as viably as possible on a sustainable basis.

Martin Kingston, Busa vice president

A route needs to be mapped out.

In the past business has been "responsive and reactive, rather than proactive", he says.

He acknowledges that business should have taken this bull by the horns a long time ago but says now they need to step up and be counted and do better.

It is now an absolute priority, he adds.

Busa has identified two focuses:

  1. Education and schools development.

  2. Ensuring Busa can capacitate, support and assist black entrepreneurs in building their own businesses rather than only taking a small stake in existing ones.

Not that we are opposed to the later, but it is not going to achieve the objectives we have identified.

Martin Kingston, Busa vice president

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