Samsung announced its R280 million Equity Equivalent Investment Programme (EEIP), projected to have a measurable impact on 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, 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 overall transformation of our economy.