South Africa must look for ways to encourage business - in honour of South African Communist Party (SACP) stalwart Joe Slovo, African National Congress (ANC) treasurer-general Mathews Phosa said on Wednesday.

"We must look at all avenues to assist companies who want to create new opportunities for job seekers and entrepreneurs," said Phosa in his prepared remarks at the Joe Slovo Memorial Lecture.

"The question that is uppermost in my mind is how do we honour Slovo and other leaders who suffered much more than we did. Whilst we cannot honour him in our life, we can honour him with the way we live."

Phosa said in his remarks that South African companies should have the chance to expand beyond the country's borders while black economic-empowerment benefits should become "more practical, reciprocal, and less bureaucratic."

He said that the country must fight corruption "without any mercy" and praised Slovo for going into government despite "lucrative alternatives".

"As a white person, he set an example that leadership and participation in charge has no race, nor culture or preferred language."

"It simply takes guts, good ideas and hard work to create a better life for all," said Phosa.