We can't treat the matter of black economic empowerment as just the redistribution of existing wealth. It really has to focus on new investment, on growth, on development of employment and so on and so on.
Thabo MbekiI think the critical point, really, is that we need to focus black economic empowerment more on the creation of new wealth rather than on these big deals that have been characteristic of this process in the past, of people going to banks, borrowing a lot of money, buying this and when the shares don't perform very well, the shares go back to the banks, because there's other people who own this anyway. I think we need to re-focus it so that it really does impact on growth, new investment, new employment and a general, better spread of wealth in South Africa.
Thabo MbekiYour developed countries are taking teachers from South Africa, they are taking nurses, because people are better paid where they are going.
Thabo MbekiThere is a tendency just to talk about foreign investors. Over 80 per cent of new investment in the South African economy is South African and therefore the engagement of the South African investor is also a critical part of this process.
Thabo MbekiThe question arose, how would the communities manage this land on their own. That's why the Communal Land Rights Bill then borrows an institution that is set up in terms of the role and function and powers of the institutional traditional leadership ( borrows that committee and uses that committee).
Thabo Mbeki