'Mainly gloom and doom at Ramaphosa's meeting with business, but some positives'
On Tuesday evening President Cyril Ramaphosa held a virtual meeting with 90 South African business leaders in the wake of the devastation left by a week of unrest.
The event was largely characterised by doom and gloom but there were some sparks of light says Sandile Zungu, president of the Black Business Council (BBC).
Bruce Whitfield interviews Zungu on The Money Show.
When business meets the president... there's a lot of decorum but what lies underneath is a great deal of angst and unhappiness about how things have been done, but the meeting went off very well.Sandile Zungu, President - Black Business Council
The meeting focused on feedback about how the civil unrest affected the various business sectors.
The freight and logistics sectors were obviously heavily hit Zungu says, as were the food and clothing retail businesses.
The shining light was clearly mining, who said they're back on their feet... and very happy to contribute...Sandile Zungu, President - Black Business Council
But by and large it was gloom, it was doom among the sectors.Sandile Zungu, President - Black Business Council
Smaller businesses were also very much a focus says the Council president.
He refers to statistics published by the South African Property Owners Association (Sapoa), which show that 90% of tenants in the bigger shopping malls are local, small business owners.
Those people tend to be not insured and they're scared to be back in business because they are smarting from the lack of protection from the law enforcement agencies. So the focus on SSMEs is the proper focus.Sandile Zungu, President - Black Business Council
One of the great suggestions that came from business was the establishment of what is called the 'Bounce Back and Claw Back Fund'.Sandile Zungu, President - Black Business Council
What especially came from the Black Business Council was that if you look at the township businesses, like the shopping centres, the local economy is dominated by people from outside those townships. It's quite important that as we build back, let's do it better by involving and ensuring that the local operators have a bigger share of their economy.Sandile Zungu, President - Black Business Council
What we liked was a very firm commitment from the President saying that the National Treasury is charged with the responsibility of finding the modalities of the Fund.Sandile Zungu, President - Black Business Council
For more detail, listen to the discussion on The Money Show:
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