Pretoria - The transformation of the South African economy will be one of the main focuses of the fifth democratic elected government, President Jacob Zuma said on Saturday.
"Economic transformation will take centre stage during this new term of government as we put the economy on an inclusive growth path," Zuma said.
"We have made some progress in changing the ownership of the economy but much work must still be done."
Government will strengthen black economic empowerment and employment equity laws, he said.
Zuma said economic programs would be put in place. The economic transformation programs would also promote local business and entrepreneurs.
After 20 years of democracy, Zuma said millions of people had access to basic services and quality of life.
"We wish to acknowledge the contribution of every South African," he said.
"It is through your hard work that we are able to count so many achievements in only 20 years of freedom. However our work is not yet completed"
He said a review was conducted last year which indicated that South Africa was a better place to live in due to transformative policies
"Today marks the beginning of the second phase of our transition from apartheid to democracy."
He said the second phase would entail radical change.
Zuma was sworn-in for a second term of office at the Nelson Mandela amphitheatre at the Union Buildings in Pretoria.