Samsung South Africa launches new equity equivalent investment programme initiatives
ENGINEERING NEWS / 13 JULY 2020 - 15.44 / SIMONE LIEDTKE
Samsung South Africa has announced its Equity Equivalent Investment Programme (EEIP) plans, which are aimed at empowering previously disadvantaged South Africans, with a focus on women and youth in the information and communications technology (ICT) sector.
The programme initiatives are set to strengthen black economic empowerment through enterprise development, thereby boosting economic growth and job creation.
The programmes are formulated to make a measurable difference and are aligned to the overarching objectives of the National Development Plan (NDP) Vision for 2030 and the Gauteng Township Economy Revitalisation Strategy.
The company states in a media release issued on July 13 that the aim is to find and support, through grant funding, high-potential entrepreneurs to grow their business sustainably.
A focus on establishing black-owned businesses in the heart of townships has also been prioritised.
“As a global leader in mobile and consumer electronics, our extensive experience and deep technical skills can be leveraged to empower South Africans to harness the power of technology to be leaders of the Fourth Industrial Revolution (4IR),” Samsung business innovation group and corporate affairs director Hlubi Shivanda says.
Shivanda adds that Samsung welcomes participants who want the opportunity to “create a more inclusive and prosperous society”.
In the interim, Samsung is focusing on priority areas in the ICT sector, which it hopes will “achieve outcomes of national interest with regards to entrepreneurship development”.
Within these priority areas, Samsung’s Service Centre programme intends to bring skilled engineers to townships and peri-urban areas with sufficient retail footprint to tackle the repair of mobile devices and consumer electronics that are subject to rapid technological advancement and changing consumer needs.
Samsung will provide two selected entrepreneurs grant-funding to support operations, specialist business development support and access to Samsung’s service repair network.
The company’s enterprise development programme will contribute to transformation in the marketing and advertising industry, contributing to job creation through entrepreneurship, where Samsung will provide support to successful entrepreneurs in the form of grant-funding and access to supply chain opportunities to grow the business.
The Samsung South Africa EEIP is also searching for a black-owned software development business that can help overcome the challenges faced in the era of the 4IR.
In this regard, Samsung will provide grant funding to capitalise the business and access to specialist business development support services.
Ultimately, Samsung South Africa hopes that its EEIP “will make a measurable difference to the socio-economic development of black South Africans”.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER