Samsung SA launches R280 Million Equity Investment Programme
CAPE TOWN - Samsung announced that it has launched an R280 million Equity Equivalent Investment Programme (EEIP), with the aim of assisting job creation and a contribution of nearly R1 billion to the South African economy at large.
EEIP is an initiative of the Department of Trade and Industry (the dti) where multinational companies that are unable to sell equity in South Africa are invited to participate and contribute positively towards B-BBEE and development of South Africa. The announcement event, which was addressed by the Minister of Trade and Industry, Dr Rob Davies, through a video, as well as the President and chief executive of Samsung Africa, Mr. Sung Yoon, followed Samsung’s recent commitments to long term investment in South Africa.
According to Minister Davies, the Samsung South Africa’s Equity Equivalent investment amounts to almost R280 Million over 10 years. It joins nine other multinationals that have been approved for a value of R2.2 billion collectively. The programme has to date resulted in the creation of over 3 000 direct and indirect jobs.
The Samsung plan will create and address key developmental aspects linked to the National Development Plan (NDP) and the overall transformation of our economy.
These include the Black industrialisation through e-Waste recycling, beneficiation research and development in partnership with Mintek, which is a first for Africa, where a beneficiation plant is planned to be built and maintained by South Africans, and operated by a Black entrepreneur, enterprise development, and the development of township economies through Accredited Services Centres and software development.
“We are delighted that the Samsung EEIP will have the following measurable impacts on the South African economy: it will result in the creation of 262 direct jobs; it will allow the emergence of a new Black Industrialist; it will support 13 black-owned and women-owned businesses and will contribute R945 million to the economy. We are happy that the dti has contributed and supported Samsung in the design and development of this programme that will result in the establishment of five accredited service centres that are black and women-owned. These will be providing repair service to all kinds of brands of consumer electronics, hand-held devices, air-conditioning and refrigerators,” said Minister Davies.
Supplied by: Samsung.
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