The Department of Science and Technology (DST) and Absa, South Africa’s largest retail bank by customer numbers, signed a memorandum of understanding (MoU) today in a tangible display of Public Private Partnership (PPP) which is aimed at developing strategic programmes for the country's growth and development.
The MoU was signed by the Minister of Science and Technology Naledi Pandor, and Absa Chief Executive for Retail and Business Banking, Bobby Malabie.
Through this MoU, Absa and the DST will focus on the following areas of cooperation:
- Human capital development – with a focus on learner talent development and the development of high-level research skills.
- Technology commercialisation – providing financing products and services to high-technology start-ups to advance innovations.
- Renewable energy technologies – joint research and development activities on renewable energy technologies.
- Information communication technology (ICT) – small and medium enterprise development and support, including entrepreneurial development.
- Agri-business – Agricultural business development.
Speaking at the signing ceremony, Minister Pandor welcomed Absa's partnership and said that building on the DST's growing portfolio of PPPs would go a long way towards addressing the innovation chasm in selected technology platforms such as ICT, information security and renewable energy technologies.
"This partnership is also timely as it occurs at a time when government is seeking sustainable strategies to increase investment in research and development and also stimulate business to do the same," the Minister said.
The Minister added that it was the DST's mandate to create a prosperous society that derived enduring and equitable benefits from science and technology and that the generation of high-level research and innovation skills was pivotal.
"It is therefore fortuitous that underlying this collaboration with Absa is the creation of synergies in the research, development and innovation enterprise. It is also not coincidental that the first thrust of this joint nurturing of the research, development and innovation enterprise is the generation of high-level human capital, with a focus in areas related to finance and banking."
Mr Malabie said that Absa was honoured to have reached this milestone and that the bank was fully committed to supporting government to increase access to high-level graduate programmes in the natural and physical sciences as well as engineering.
"Our role extends beyond that of a mere bank. We are a true partner in society as we take a step closer today towards realising the desired partnership with universities to attract quality graduates who will be able to advance the fields of science, engineering and technology.
"It is only through industrial, governmental and educational partnerships that this can be achieved," he said.
Mr Malabie emphasised Absa's commitment to the partnership, adding that it would open up access to occupationally directed programmes and would develop high-level skills for research and innovation to enhance South Africa's global competitiveness.
"As a member of the private sector and business, this partnership and the benefits it will most certainly benefit us in the long term, as we seek to employ those very graduates as our next generation of leaders.
"Innovation is key in banking and as a leading, innovative bank in South Africa, we want to attract leading talent that can help us drive future innovation," he concluded.
Fact Sheet
Department of Science and Technology and Absa - Memorandum of Understanding
Talent Development Programme
Absa has approved funding for partnering with the DST in support of a Talent Development Programme for the next six years. Absa has committed R12 million over a period of six years at R2 million per year. Absa will also assign a project manager from the bank's Young Talent team who will work with the DST team in the end-to-end process.
ICT
Absa and the DST, through the Council for Scientific and Industrial Research (CSIR), are exploring joint initiatives, mostly related to enterprise development within the Wireless Mesh Network Project being piloted in the former KwaNdebele area in Mpumalanga. The Absa, DST and CSIR team has already undertaken a field visit to the project and will work together to make this project a success and create a pool of young, successful and sustainable entrepreneurs.
Renewable energy technologies
Absa is in the process of commissioning renewable energy and energy efficiency risk research through a programme it supports and sponsors at the University of South Africa. The aim of this research is to help in understanding the risks associated with funding renewable energy technologies and projects.
Risk training and research
The DST has approved R1, 6 million per year for the next three years towards Absa Risk Training and Research at the Business Mathematics and Informatics (BMI) Centre at North-West University.
This allocation will go towards supporting and strengthening the basic research elements of the Risk Research Programme and foster collaborative activities with the CSIR's Modeling and Digital Science Centre. The funding will supplement Absa's commitment of R8, 4 million for the Risk Research Programme being hosted by the same Centre.
For media enquiries, please contact:
Patrick Wadula
Tel: 011 350 5768
Cell: 082 904 0716
E-mail: patrick.wadula@absa.co.za
Veronica Mohapeloa
Tel: 012 843 6788
Cell: 082 882 3818
E-mail: veronica.mohapeloa@dst.gov.za
