Samsung’s continued investment in South Africa contributes to Level-1 B-BBEE Status for 5th consecutive year

Samsung’s continued investment in South Africa contributes to Level-1 B-BBEE Status for 5^th consecutive year

Samsung has proudly announced that its continued investment in South Africa coupled with its dedication to remain an active contributor to the future of the local economy and strong supporter of economic transformation – has contributed to the company’s Level-1 B-BBEE status for five consecutive years.

The company has achieved this incredible recognition by embarking on many empowerment, entrepreneurial and skills-based projects in the ICT sector in which it operates in. Samsung is augmenting its national transformation policies through Employment Equity, Enterprise Development and investment in education. In particular, the company is building on its landmark multi-millionaire Equity Equivalent Investment Programme (EEIP), which is already celebrating over three years of sustained success.

Launched in May 2019, Samsung’s EEIP programme is expected to have a measurable impact on job creation with a projected contribution of over a billion rands to the South African economy at large. Samsung’s 10-year plan aims to address key developmental aspects linked to the National Development Plan and the overall transformation of the local economy.

The company’s EEIP programme has seen an investment in black, female-owned entities who now operate in the full value chain of e-Waste. Samsung also has a strong focus on enterprise development and capacity building in ICT through scarce skills development.

When Samsung entered South Africa at the dawn of democracy; it placed a great focus on harnessing the power of technology and innovation to effect great positive change in the country. Since then, Samsung has made incredible strides forward in its long-term vision for the country. Samsung is also developing 4IR skills in partnership with a number of institutions of higher learning in South Africa.

The company has launched many skills development initiatives, which are not only created for developing internal employees, but also supporting university students studying in fields within Samsung’s ecosystem and value chain. With wide-ranging support of the country’s youth through bursaries, learnerships and the Samsung Engineering Academy programme, South African youth are gaining artisanal and electronics skills. Samsung is looking forward to a future defined by equality and empowerment for all through these initiatives that have and continue to make an impact across the country and are aimed at developing the youth’s skills-for-employability.

The Solve For Tomorrow competition is a Science, Technology, Engineering and Maths (STEM) aligned educational programmes that encourages learners in grade 10 and 11 from underserved communities an opportunity to gain invaluable skills while solving some of the challenges within their communities. Recently launched, this competition is being piloted in 51 schools across the country. Learners are encouraged to use STEM in finding solutions to some of the most pressing societal challenges that are faced by their communities.

Additionally, the Samsung Innovation Campus programme partners with universities of technology to develop and teach coding, software development, internet of things (IOT) and artificial intelligence (AI) skills to youth from under-serviced communities.

Hlubi Shivanda – Director of Business Operations and Innovation and Corporate Affairs at Samsung South Africa said: “This incredible achievement of the Level 1–B-BBEE Rating for five consecutive years is a re-affirmation of Samsung’s commitment to prioritising B-BBEE as a non-negotiable practice within our businesses. The overarching goal of the country’s B-BBEE programme is the upliftment of the South African economy. As Samsung, we have over the years focused on policies that are designed to empower South Africans in meaningful ways. Our vision for the country is therefore closely aligned with the Government’s B-BBEE policy.”

Samsung’s transformation efforts are a clear indication of the company’s tremendous contribution to the achievement of the country’s overall B-BBEE goals and objectives. The key focus areas of Samsung’s overall B-BBEE philosophy and strategy (excluding the Ownership element, which is subject to EEIP) are centred on the following:

• The annual progression of race and gender representation at each occupational level, with specific emphasis on African Male and African Female representation.
• Increased focus on both employed learners and unemployed learners, supported by an emphasis on creating work experiences post the learnership/internship period – this is over and above Samsung’s EEIP commitments;
• Provision of education support through bursaries, both internally and externally.
• Continued focus on development of black talent in the Samsung South Africa business.
• Re-directing existing spend to qualifying Black-Owned and Black-Women Owned (BWO) Qualifying Small Enterprises (“QSEs”) and Exempt Micro Enterprises (“EMEs”) to include them in the existing procurement value chain of Samsung South Africa with a focus on the following areas that have been approved – Marketing, Services, Sales, Logistics and Recruitment.
• Provision of grant and preferential loan funding to qualifying Enterprise Development beneficiaries, with the possibility of graduating them to become suppliers to Samsung South Africa.
• In addition to increasing spend with identified Supplier Development beneficiaries, the qualifying entities may be provided with grant and preferential loan funding; and
• Education-focused Socio-Economic Development initiatives through the Samsung Innovation Campus and Solve For Tomorrow competition umbrella as furtherance of the Samsung South Africa’s commitment to the upliftment of underserved communities.

“Samsung knows that it is no small responsibility to realise the country’s long-term goals as this requires collective effort from citizens, corporate organisations and government. At Samsung, we believe that transformation is a business imperative and a requirement for the sustainability of our business. However, we are also convinced that concerted transformation efforts can have incredible socio-economic impact and lasting change in the country’s economy,” added Shivanda.

Samsung proudly supports Busan’s bid for the World Expo 2030.