Samsung’s landmark R280-million Equity Equivalent Investment Programme (EEIP), launched in May 2019 in partnership with the Department of Trade, Industry and Competition (Dtic), is now marking three years of sustained success.
The 10-year Samsung plan is aimed at addressing key developmental aspects linked to the National Development Plan (NDP) and overall transformation of the economy. These include Black Industrialisation through E-waste recycling, enterprise development, and capacity building in ICT through scarce skills development.
Three years in, has Samsung’s EEIP programme risen to the challenge of achieving its ambitious goals? The simple answer is — remarkably well. At the onset, Samsung created a team dedicated to the identification of the most beneficial and far-reaching projects. The implementation of the programmes has produced far-reaching, measurable outcomes that may have even surpassed initial projections. This includes:
- An R87-million investment contribution, with the bulk of the investment channelled into enterprise development and black industrialisation to support black-owned and black-women-owned enterprises. The beneficiaries were part of a rigorous selection criteria to ensure they could maximise the capital they needed for business operations and future growth. With environmental sustainability a major focus of Samsung’s business, two black-women-owned E-waste businesses were supported. With skills development essential to combating youth unemployment, two Software Development enterprises were supported. To provide marginalised communities with better access to electronic repair services and encourage entrepreneurship, two Accredited Service Centres were launched.
- Through a well-considered and integrated approach, Samsung partnered with universities and SETA-accredited training providers to train 390 software developers and accredited technicians to enhance their prospects of employment. This addresses a key need in the South African ICT sector and has resulted in a marked increase in female software developer graduates. Increasing female representation in ICT training is ultimately vital to reverse the market trend of lower representation in this sector.
- With employment as a fundamental component of Samsung’s EEIP plan, direct job creation and the placement of 154 programme beneficiaries has been achieved. Through Samsung’s partner network, opportunities for employment are continually sourced.
As Samsung enters its second phase of EEIP, investment in the socio-economic development of South Africa and its people will continue unwaveringly. Expansion of the programme to provinces beyond the initial focus on Gauteng and Western Cape will extend to smaller economically active provinces to improve reach and impact. Through its investment, the Samsung EEIP aims to deliver measurable impact and a lasting legacy.
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