PRESIDENT Cyril Ramaphosa said on Thursday that State Capture has deeply damaged the South African economy and weakened public institutions to the detriment of black economic empowerment (BEE) and the advancement of black professionals in general.
Ramaphosa was addressing the Black Business Council Summit Dinner at the Gallagher Convention Centre in Midrand, Johannesburg.
The two-day Black Business Council Summit convened under the theme, “Creating Jobs and Growing the Economy Through Supporting Localisation, Industrialisation, SMMEs, Black-Owned, Women-Owned and Youth-Owned Businesses”.
The Black Business Council Summit brings together government, civil society and business leaders to deliberate on socio-economic opportunities and challenges.
“The effects of state capture have been felt across society. State capture has deeply damaged our economy, weakened our public institutions and destabilised our democracy,” said Ramaphosa.
“But it has also hurt the cause of black economic empowerment and the advancement of black professionals.”
“Over the last decade, we have seen the detrimental effect that slow economic growth has had on job creation, reduction of poverty and transformation. We also saw how state capture weakened state capacity. ”
Ramaphosa, however, called on business leaders to continue to invest in South Africa as the country rebuilds after state capture, corruption and the Covid-19 pandemic.
“We are here this evening to affirm our shared desire to forge a new economy in which all South Africans have a meaningful stake, in which all have equal opportunity, and from which all can benefit,” said Ramaphosa.
“We undertake this monumental task at a time of great uncertainty in the global economy. The COVID-19 pandemic has disrupted production, trade and investment across the world, across the African continent and, indeed, here in our country. ”
He added that it was significant that over R36 billion of the investment commitments made at the 4th South Africa Investment Conference in March were by black industrialists.
He also said the Black Industrialists Programme has invested over R30 billion in black-owned and -managed firms.
“Over R500 million has been invested in SMMEs through the Small Enterprise Manufacturing Support Programme to promote the growth of successful entrepreneurs in the manufacturing industry,” he said.
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