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The empowerment process has been identified as crucial to the future viability of the country's economy.
Black Economic Empowerment (BEE) companies have shown tremendous growth since 1994, when the first major black consortium listed on the Johannesburg
Stock Exchange (JSE).
Increasingly, foreign and local companies are seeking BEE partners in order to establish working relationships or joint ventures, thereby securing state approval for government contracts. A BEE partner may add ten points onto any government contract.
BEE companies are well-represented in the financial services sector, the media, forestry and pulp and paper, oil and energy, beverages and fishing industries.
Defining BEE
The Broad-Based Black Economic Empowerment Act of 2003 defines "black people" as a generic term that includes "Africans, Coloureds and Indians". According to the Act, "broad-based black economic empowerment" – with an emphasis on 'broad-based' - refers to the economic empowerment of all black people including women, workers, youth, people with disabilities and people living
in rural areas.
Download the complete Black Economic Empowerment Bill (Acrobat pdf)
Industry-specific empowerment charters have so far been developed for three sectors in South Africa: mining, information and communications technology, and financial services.
These are in line with the government's black economic empowerment strategy to address the economic imbalances of the past, and lay out guidelines for building a racially inclusive economy.
For more information on doing business in SA and BEE, call us at +1.917.340.8987 USA, +27.82.420.4260 RSA or email info@azaniapr.com