Faizel Patel, Radio Islam News – 12-05-2019

(Twitter: @FaizelPatel143)

Samsung has announced a R280 million Equity Equivalent Investment Programme (EEIP) which will have a massive impact on job creation in the country with a contribution of nearly R1 billion to the South African economy. 

EEIP is an initiative of the Department of Trade and Industry (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 in Johannesburg addressed by the Minister of Trade and Industry Rob Davies and the President and CEO of Samsung Africa Sung Yoon, follows Samsung’s commitments to long term investment in South Africa.

According  to Davies, Samsung’s Equity Equivalent, joins nine other multinationals that have been approved for a value of R2.2 billion collectively.

He says the Samsung plan will create and address key developmental aspects linked to the National Development Plan (NDP) and overall transformation of our economy.

“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.”

Director of Business Innovation Group and Corporate Affairs at Samsung South Africa Hlubi Shivanda says they believe the EEIP strategy will help alleviate the many challenges the nation faces.

“Our alignment with the National Development Plan (NDP) 2030 is part of our statement of intent. The fact is, Samsung is firmly committed to growing South Africa through socio-economic change and has dedicated the necessary resources and time to create a future, which was once merely a dream.”

Samsung it will continue to pursue opportunities where people can become meaningfully engaged in the economy and in doing so, have a positive impact on their families, communities and the entire nation.