BizNis Africa
Latest News
AfDB and AIMS to transform industry-led research in Africa
The African Development Bank and the African Institute of...
ATNS Executives attend 59th ACI Africa Regional Conference in Nigeria
Air Traffic and Navigation Services (ATNS) SOC Limited is...
Melville Douglas appoints Paolo Senatore as Global Strategist
Melville Douglas, a boutique investment management company has appointment...
Vodacom provides over 80% 4G coverage in South Africa
Vodacom has become the first African mobile network to...
Malawi Stock Exchange to launch new Automated Trading System
The Malawi Stock Exchange, in conjunction with the Reserve...
National Oil Corporation to list on Nairobi and London Stock Exchanges
Besides the meeting, trade and diplomacy, security and regional...
Pick n Pay Group’s Africa operations contribute ZAR4.6 billion
Pick n Pay today, 19 April 2018, published its...
Alpha Investment Group invests ZAR400 million in KidZania
Alpha Investment Group (Alpha), a 100% black-owned investment holding company, is...
How fintech transforms banking industry across Africa
The FinTech space in Africa is witnessing rapid growth...
How to promote economic growth in South Africa’s emerging tech industry
Despite decades of progress towards achieving equality in the...

Volkswagen B-BBEE Initiatives Trust launched to Suppliers

The Volkswagen BBBEE Initiatives Trust, launched on 22 June 2017, marked a significant day for black-owned suppliers in the automotive sector.

Although established in 2016, it was publicly launched today to showcase the Trust and explain its objectives to suppliers, potential partners and the public in general.

The Trust is supported and endorsed by the Eastern Cape Government with the MEC of Economic Development, Sakhumzi Somyo delivering the key note address. During his address the MEC thanked the Trust for the initiative and for the support shown to black-owned suppliers.

“The Volkswagen B-BBEE Initiatives Trust is one of the initiatives that Volkswagen introduced to implement our strategy of deepening localisation, increasing our competitiveness and business sustainability. This will also contribute to the economic growth of the region,” said Thomas Schaefer, Volkswagen Group South Africa Chairman and Managing Director.

The aim of the Trust is to increase the number of quality black-owned suppliers in the automotive sector value chain. The Trust will do this by primarily providing financial assistance and where required, non-financial assistance such as business development growth and accessing markets through supplier development relationships. This advice and support will be given to qualifying black-owned suppliers as well as white suppliers that are interested in becoming black-owned.

Although the Trust carries the name of VWSA, the B-BBEE Initiatives Trust is managed independently of VWSA by a Board of Trustees. The Trustees are, Siphamandla Ndawonde, Entrepreneur and part of the Government’s Black Industrialist Programme, Frans Nortje, Strategist and Researcher who has recently concluded research on the implementation of culture-sensitive improvement and transformation models in SA and Nonkqubela Maliza, Director of Corporate and Government Affairs at VWSA.

VWSA has already made a contribution to the Trust and the first investment by the Trust of R22 million was made to local supplier, Acoustex, to help them grow and develop their business. The aim of the Volkswagen B-BBEE Initiatives Trust is to support at least three other suppliers in 2017.

“VWSA continues to view the procurement from black-owned suppliers as a priority from both a moral and legislative compliance perspective. Therefore, the initial investment of ZAR86 million shows that we as a company are committed to supporting and empowering black-owned suppliers in the Automotive industry through this independent Trust and other company based initiatives. We encourage Corporates throughout all industry sectors to get involved,” said Thomas Schaefer, Volkswagen Group South Africa Chairman and Managing Director.

Leave a Reply

%d bloggers like this: