Prime Minister Nahas Angula has motivated the New Equitable Economic Empowerment Framework --NEEEF-- in the National Assembly.
The essence of the framework, the Premier says, is to transform the inflexible structural socio-economic inequalities in society.
He says NEEEF aims to adopt an inclusive and all-encompassing approach requiring collaboration of a wide spectrum to integrate deprived Namibians into the economic mainstream.
Angula further emphasizes that NEEEF would be based on a voluntary business practice.
He notes that the expectation of the state is for businesses to pro-actively embrace national transformation and participate whole-heartedly in the transformation of ownership and empowerment.
The Prime Minister says framework is also designed to be an incentive-driven set of policies to encourage businesses to take transformation more seriously.
Companies failing to comply with NEEEF targets will not be eligible to tender for Government or state-owned enterprises' contracts.
The empowerment policy was initially known as Black Economic Empowerment, BEE, then it was called the Transformational Economic and Social Empowerment Framework,TESEF, before being renamed NEEEF.