Amended B-BBEE codes 'drive growth'

Driving growth in the economy is the aim of the amended. Broad-Based Black Economic Empowerment (B-BBEE) codes, according to Jacob Maphutha, director of BEE Partnerships with the department of trade and industry. He said the amended codes, signed off by President Jacob Zuma in January this year, would bring about the muchneeded change in the country as the codes were now aimed at true empowerment and development. “The aim of the changes is to not burden small businesses with legalities, but to focus on growing their businesses so that they can create jobs. That is what we need to grow the economy of the country,” he said, explaining the reasoning behind the decision for the codes to apply only to businesses with a turnover of R10 million and more per year. Maphutha said big industries and companies would be held strictly accountable with major penalties imposed on anyone found guilty of fronting. “We want to effect real change in the country and therefore we have amended the B-BBEE Act to bring about the growth and the transformation that this country needs to move forward.” According to Maphutha, the concept of supplier development will be actively encouraged in the future. “It is very commonplace in countries like Japan where you find big conglomerates procuring from small companies,” he said. “It is about creating relationships between big business and small enterprises, ultimately increasing production in the country. There is no doubt that more localisaiton is needed. We cannot just depend on imports. The new B-BBEE codes are aimed at supporting this and bringing about the necessary change that will ultimately see economic growth.” He said at the same time aspects such as skills development and job creation were also being addressed.