Broad Based Black Economic Act No 53 of 2003

Broad Based Black Economic Act No 53 of 2003

The objectives of this Act are to facilitate broad-based black economic empowerment by:

• The promotion of economic transformation to enable meaningful participation of black people in the economy.
• The achievement of substantial changes in the racial composition of ownership and management structures in skilled occupations of existing, as well as new enterprises.
• Increasing the extent to which communities, workers, cooperatives and other collective enterprises, own and manage existing and new enterprises, as well as increasing their access to economic activities, infrastructure and skills training.
• Increasing the extent to which black women own and manage existing, and new enterprises, and to increase their access to economic activities, infrastructure and skills training;
• The promotion of investment programmes that leads to broad-based and meaningful participation in the economy by black people, in order to achieve sustainable development and general prosperity.
• The empowerment of rural and local communities by enabling access to economic activities, land, infrastructure, ownership and skills.
• The promotion of access to finance for black economic empowerment.