Samsung Expands South African Economy with EEIP Investment Worth R280 Million
The third edition of Samsung's Equity Equivalent Investment Programme (EEIP) for Enterprise Development (ED) has been launched, marking a significant milestone in the company's commitment to supporting and empowering black-owned small and medium enterprises (SMMEs) in South Africa. This programme, delivered in collaboration with the South African Department of Trade, Industry and Competition (DTIC), is designed to drive economic transformation by incubating high-potential, emerging businesses that are majority black-owned.
The EEIP is particularly focused on the fields of Information and Communication Technology (ICT) and service centre repairs for mobile devices and consumer electronics. The programme aims to make a measurable difference to the socio-economic development of black South Africans, contributing to the sustainable development goals of the National Development Plan (NDP).
Applications for the seventh iteration of the programme are now open, though the official deadline remains unspecified at this time. Interested business owners are encouraged to apply as soon as possible. To participate, applicants must meet specific requirements, including being a South African citizen and business, having a proven track record in either ICT or electronics repair, and being classified as an Exempted Micro Enterprise (EME) or Qualifying Small Enterprise (QSE) as defined by the Broad-Based Black Economic Empowerment (B-BBEE) Act 53 of 2003.
Successful applicants can expect several benefits, including the opportunity to operate a suitably funded and accredited service centre in a commercial location with substantial retail exposure, potential grant funding to support operations and growth, specialist business development support, and access to Samsung’s service repair network and further opportunities for collaboration.
Samsung's significant investment in SMME development through the EEIP has been yielding tangible results, with a positive impact on entrepreneurs in the ICT space. Nicky Beukes, the EEIP Project Manager at Samsung, has stated that the success of the EEIP is a clear indication of Samsung's investment in SMME development. The programme aligns with national economic transformation goals and is government-supervised to ensure broad-based impact.
For the most current information, always check the official source, as application windows and requirements may be subject to change. Samsung, in collaboration with the DTIC, has re-affirmed its commitment to ICT development and economic transformation, aligning with South Africa's Vision 2030. The EEIP remains committed to making a positive contribution to broader economic growth in South Africa.
- The Equity Equivalent Investment Programme (EEIP), launched under Samsung's third edition, is specifically targeted at the Information and Communication Technology (ICT) and service center repairs for mobile devices and consumer electronics, which are crucial sectors interlinked with technology and finance within the business and industry landscape.
- The EEIP, a joint venture between Samsung and the South African Department of Trade, Industry and Competition (DTIC), strives to make a measurable difference in the socio-economic development of South Africans, particularly in the technology-driven ICT sector, contributing significantly to the sustainable development goals of South Africa's National Development Plan (NDP) and the broader tech-related finance and business industry.
