President Jacob Zuma’s new economic advisory council met for the first time on Tuesday. This council will advise the president on transforming the economy and implementing the National Development Plan during his second term in office. The council consisting of 19 members includes four current cabinet ministers, one former cabinet minister as well as people representing business, academia and labour.
One of the main jobs of this new Council during this term will be to advise government on the amended Broad-Based Black Economic Empowerment
This is the Act which was signed into law in October last year. While regulations to give effect to the Act are still being finalised, the President, who presided over the council’s inaugural meeting, says he also expects the council to help drive government’s project to develop 100 new black industrialists over the next three years.
