SA: Black Business Council Urged to Promote National Development

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South Africa’s Minister of Finance Malusi Gigaba on Wednesday urged members of the Black Business Council (BBC) to promote national development through their business activities.

Gigaba also assured that ‎the South African government will continue to show decisive leadership with regards to inclusive growth and economic transformation,

“We must sustain the political will to drive it such that growth results are achieved, with real benefits for our people,” he said at a breakfast roundtable of the Black Business Council (BBC) during the World Economic Forum (WEF) in Durban.

Gigaba explained: “Make profits as you produce value added goods and services, and reinvest in productive capacity which helps us industrialise. Push government to use procurement strategically, but do not focus only on state procurement.”

He lauded the BBC for what he sees as the leading role it is playing in the economic transformation of the country. He would like to see the BBC in the role of the “patriotic bourgeoisie” as defined by African developmental economists. However, their business activity must enhance and not undermine national development.

“We must be bold and creative, and not limit ourselves conceptually from imagining new approaches appropriate for our national circumstances.”

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