President Cyril Ramaphosa has dissed the term "white monopoly capital" while addressing the inaugural SA Investment Summit dinner on Friday.
"One thing that I learnt is the three Es: Education, entrepreneurship and an efficient government," the president tells delegates.
Ramaphosa then says that "we should treat our entrepreneurs as heroes".
"We have become accustomed to... treating our entrepreneurs and businesspeople [badly] and called them all sorts of names. We've treated them like enemies and... white monopoly capital - that must end today," Ramaphosa says to huge applause.
In May, three prominent South African editors lodged a defamation claim against AIG Europe, the insurer for now defunct Bell Pottinger, over the fallen UK media relations giant's role in the so-called "white monopoly capital" media campaign.
Editors Ferial Haffajee, Adriaan Basson and Peter Bruce were targeted by the WMC campaign in a barrage of tweets published by Twitter "bots".
In September last year, Sunday Times reported that Bell Pottinger's account team working for the Gupta-owned Oakbay was primarily responsible for devising the campaign.