The Department of Trade and Industry and the Swedish Trade Council signed today a Transformation Initiative to develop a coordinated and collective approach for Swedish companies to comply with the Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice, at the Department of Trade and Industry Sunnyside campus.
The transformation initiative will create a platform in which Swedish multinationals can jointly participate in high impact BBBEE projects. The initiative will also act as an independent, yet expertly managed vehicle through which Swedish multinationals can channel their BBBEE investments resulting in high impact projects.
In his keynote address after the signing ceremony, a delighted Enterprise and Empowerment Division (EED) acting Deputy Director-General (DDG), Sipho Zikode said:
"This transformation initiative would provide Swedish multinationals operating in South Africa a far more targeted approach in implementation of BBBEE by providing them with the programmes that have gone through an approval process with the Department of Trade and Industry.
"We trust that moving forward the Swedish and South Africa transformation initiative will continue to build on these remarkable interventions to ensure that broad based growth shapes the future of this country".
Echoing Zikode’s words, Swedish Trade Commissioner, Jan Kettnaker, said: "This is a collective two way approach where not only Swedish companies will come with projects. On 28 May there will be a follow up information sharing session where companies will be introduced to the programmes in a more technical manner".
Swedish Ambassador to South Africa Peter Tejler said: "The initiative is fully endorsed by the embassy and has already yielded positive results with an increase in the number of Swedish companies conducting business in South Africa. We are not here for quick business, we are here for the long haul," he concluded.
Contact:
Sidwell Medupe
Tel: 012 394 1650
Cell: 073 522 6801
E-mail: MSMedupe@thedti.gov.za
Issued by: Department of Trade and Industry
7 May 2010
