Hon Deputy Speaker, we welcome the proposed amendments on complex fronting announced by the Minister of Trade and Industry, Dr Rob Davies, to the Broad-Based Black Economic Empowerment, BBBEE, Act. The ANC recognises that one of the critical impediments to transforming economic- structural disparities has been the distortions practised to overcome the intentions of the BBBEE Act.
Industrial Policy Action Plan, Ipap, hearings have, for several years, searched for black industrialists to contribute to the public hearings on this priority programme. Again, this year, it is clear how thin this sector has become and how far it must continue to develop before it significantly transforms the economic landscape. The proposed amendments will be carefully scrutinised to ensure the appropriate powers reside in the identified BBBEE players, and that appropriate penalties are aligned with the sanctions.
The ANC looks forward to the shift from dependency between large and small companies to the development of synergy to catalyse entrepreneurial and industrial growth. We do not need to add another "B"! We do not need to add another "E", but rather to add substance to the intentions of the proposed amendments! I thank you.