South African businesses should be prepared for a new bill that President Cyril Ramaphosa wants introduced to improve business conditions in the country.
Ramaphosa recently held a talk at the second annual South Africa Investment Conference where he shared the new piece of legislation known as the Public Procurement Bill.
This bill allows organs of state to sub-contract SMMEs to a minimum of 30% of the value of the contract that are above R30 million.
Businesses that receive tenders must sub-contract a minimum of 30% of the value of the contract to SMMEs that are at least 51% black-owned.
The Public Procurement Bill is being used to promote local production. SMMEs will benefit from this by designated products when they participate in public procurement systems.
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