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Jacob Zuma

JOHANNESBURG. – The South African government is working with business, labour and the community sector to change the ownership, control and management of the economy, President Jacob Zuma said yesterday.
South Africa has to build an inclusive economy which creates jobs but more importantly an economy that reflects the demographics of the country, Zuma told the Inaugural Presidential Youth Jobs and Skills Indaba conference, taking place in Boksburg outside Johannesburg.

As the country is celebrating 20 years of freedom this year, more has to be done to ensure the entry of black people into big business, said Zuma.

The percentage of black people and women in senior management has increased from less than 10 percent in the 1990s to over 40 percent today, according to Zuma.

“The trend is in the right direction. However, we need faster change. And we need meaningful change.”
The president stressed the need to bridge income inequality.

For historical reasons, income distribution and growth is still racially skewed despite the progress made since 1994 to improve the standard of living of all, especially the poor and the working class.

Census 2011 revealed that the income of the average white household remains six times that of the average African household.
Responding to a question from a delegate at the meeting, President Zuma said he was aware that black business people operated in certain types of business and that this was not necessarily in big business circles.

“It has only been just 20 years that we have been freed to undertake business at any scale.
“Black people were not allowed by law (under apartheid rule). We’ve done many things to ensure that we move forward,” he said.
The government, he added, has been in talks with black business discussing the creation of black industrialists.

“We are dealing with this matter seriously. We as government are working hard to ensure that we develop big business for black people as well,” said the president. — Xinhua.