Minister of Trade, Industry and Competition Ebrahim Patel says transformation is playing an important role in economic recovery. Patel spoke at the Black Business Council summit at the Gallagher Conference Center in Midrand, Johannesburg, on Friday.
Unemployment, poverty and inequality were central to the summit. The government says that without economic transformation, the path to economic recovery will be difficult.
Unemployment is currently the biggest concern in South Africa, while poverty and inequality are rising in the country.
Minister Patel argues that the goal of economic growth is to expand economic ownership and integration.
“The goal of public policy is to build economic integration through transformation programs in three broad areas. the first strengthening of inclusiveness and transformation as growth ”.
Minister Patel says a report published by the Competition Commission shows how a concentrated market can prevent small businesses from entering the market. And this, in turn, affects inequality and weak economic performance.
VIDEO: Minister Patel speaks on the second day of the Black Business Council summit:
Patel adds: “This shows that a small number of firms dominate key sectors of the economy. The challenge of economic concentration is certainly not limited to South Africa and is truly global. But this is especially serious in South Africa. “
On Thursday, Minister of Higher Education, Science and Technology Dr Blade Nzimande said the government believes the economy cannot grow if science, technology and innovation are not at the center.
He said cooperation between business and government was needed.
VIDEO: Black Business Council Summit: