Sekunjalo, a Western Cape BEE investment company with operations in the United Kingdom and Mauritius, was the only South African company to be included as a founding member of the GGC list at its inaugural meeting in Dalian, China on the 8th of September.

With a host of CEO's as guests at the dinner, Rasool challenged other companies to ensure that they were included on the list in the future. Rasool said that the company had pioneered a new ethical compass which did not only compromise profits and economic viability but flew the flag for ethical conduct in business.

He said that their success had proven that a simple definition of empowerment, which sought to shift resources from high concentrations to lower concentrations and that would bring societal equilibrium had been created. "The flip side of the profit motive is to share economic growth amongst all. Social equilibrium is in everyone's interest and this model of empowerment is not about inferiority but is a model of tenacity to confront new markets, the ability to operate in a hostile and complex global business environment. Empowerment companies are not ordinary companies they carry a huge responsibility because they come from the poor communities," said Rasool.

He went on to say that "the Western Cape has merged as a centre of creative, design and innovation excellence. Our companies hold great value for investors and they are driven by innovation, not only when it comes to embracing new technologies, or re-engineering old manufacturing processes but they have also shown great courage by taking on new business risk and expanding offshore".

Companies which were included on the WEF list had to demonstrate a strong profitability and innovation drive, adhere to openness and flexibility, demonstrate core business competencies, allocate resource on a global scale and recruit and retain talented individuals.

Rasool went on to say that "the champions of tomorrow, who will most probably by-pass the current Fortune 500 companies in terms of their market capitalisation and breadth of operations, are most likely to emerge from the BRIC countries (Brazil, Russia, India and China) but we must see to it that South Africa is included in this group and that investors include our country in the acronym - brics!"

Premier Rasool made special mention of the leading role that Executive Chairperson, Dr. Iqbal Surve', had played in establishing the investment company whose business interests include fishing, motor, healthcare, pharmaceutical IT and communications, aquaculture and biotechnology. "Through Iqbal Surve's visionary leadership and passion this company has not only shown rapid growth and creativity but also delivered sound dividends to the many historically disadvantaged individuals and community based organisations that make up the bulk of their shareholders."

Rasool said that he also believed that 'a home grown executive', such as Mo Kajee who took over the helm this month, would continue to drive growth out of the business. 'Being a member of the GGC will not only give new CEO Mo Kajee access to some of the world's leading business people but will also allow him to share the South African approach to doing business, matters such as the triple bottom line, transparency and accountability.'

For enquiries:

Jeremy Michaels
Chief Director: Communications
Department of the Premier
Provincial Government of the Western Cape
Cell: +27 (0)82 772 1122
Office: +27 (0)21 483 9955
Fax: +27 (0)21 483 7196
E-mail: jmichaels@pgwc.gov.za
Postal address: PO Box 659, Cape Town, 8000.
Physical address: Office of the Premier, Mezzanine Level, M23, 7 Wale Street, Cape Town, South Africa, 8001.
Website: www.capegateway.gov.za