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B-BBEE Achievement Confirms Samsung South Africa’s Commitment
Ensuring long-term sustainability and remaining aligned with transformation imperatives
JOHANNESBURG, South Africa – 01 August, 2019 – Samsung South Africa is pleased to announce that it has achieved a Broad-Based Black Economic Empowerment (B-BBEE) Level 1 Contribution Status.
“As a company proudly rooted in our South African heritage, we embrace transformation. We are committed to contributing meaningfully to sustainable transformation as we accelerate this journey across the Samsung value chain, “says Hlubi Shivanda, Director: Business Innovation Group and Corporate Affairs at Samsung South Africa.
In 2003 the South African government introduced the Broad-Based Black Economic Empowerment Act in an attempt to address the inequalities suffered by black South African citizens as a result of the unjust apartheid regime. Samsung is aligned with the aim, which is to increase the meaningful participation of black people in the management, ownership and control of South Africa’s economy.
Furthermore, Samsung is intent on enhancing the socio-economic development of black South Africans, as defined by the B-BBEE act, through employment at Samsung but also in the economy at large. This is reflected in projects such as the recent announcement of its R280 Million Equity Equivalent Investment Programme. This is projected to have a measurable impact on job creation and a contribution of nearly R1 Billion to the South African economy at large. Ultimately, Samsung 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 therein, the entire nation.
“We are delighted with this achievement! The certification demonstrates our commitment not only to operational excellence, but to remain an active and enthusiastic contributor to the future of the South African economy,” says, Hlubi. He concludes, “we were able to invest in social and enterprise development initiatives on the grass-roots level that allow us to be actively involved in the community as well as support local entrepreneurial talent.”