DEPUTY MINISTER MASINA URGES MULTINATIONALS TO PARTICIPATE IN EQUITY EQUIVALENT INVESTMENT PROGRAMME

DEPUTY MINISTER MASINA URGES MULTINATIONALS TO PARTICIPATE IN EQUITY EQUIVALENT INVESTMENT PROGRAMME

The Deputy Minister of Trade and Industry, Mr Mzwandile Masina has called on multinationals to participate in the Equity Equivalent Investment Programme (EEIP) and contribute to the growth of the country’s economy.  He was speaking at the launch of the implementation plan of the IBMSA Broad-Based Black Economic Empowerment (B-BBEE) Equity Equivalent Investment Programme (EEIP) in Midrand today.

This follows the launch of the IBMSA’s R700 million Equity Equivalent Investment Programme by the Minister of Trade and industry, Dr Rob Davies in February this year.

Deputy Minister Masina described the launch as another good B-BBEE story that contributes towards making South Africa a better place to live in.

“This launch is part of our on-going efforts to promote the Equity Equivalent Programme as an alternative for doing B-BBEE ownership for qualifying multinationals,” said Masina

He added that it is was important to note and showcase an initiative that will would contribute towards reversing the injustices of the past that led to the exclusion of black people from participating in the main stream of the economy.

“This is a transformation programme that supports industrialisation and entrepreneurship. It will assist in addressing the challenges of inequality, poverty and unemployment,” says added Masina.

The IBMSA programme will comprise of three integrated and interdependent components, underpinned and supported by IBM Research-Africa (IBMRA) namely, Enterprise Development Programme (EDP), Academic Programme and Research Programme.

Aspiring entrepreneurs can apply online on http://www.ibm.com/za/en/ from tomorrow. Those who will qualify will be provided with a combination of financial support, skills transfer, mentorship and relevant business and technical enablement.

EE Programmes are expected to contribute towards the achievement of Enterprise Creation and Development, development and support of black industrialists, accelerated growth, and sustainable human development with focus on education and skills development and infrastructure investment with emphasis on developing the country’s research and development infrastructure.

The launch was in line with the Amended B-BBEE Codes of Good Practice that require all entities operating in the South African economy to make a contribution towards the objectives of B-BBEE.