Cat, dti launch SA’s largest equity investment programme
Minister Rob Davies was the keynote speaker at the launch of the Caterpillar Equity Equivalent Investment Program (EEIP).
Image credit: Robyn Grimsley
On 4 October, US-based original equipment manufacturer (OEM) Caterpillar and the South African Department of Trade and Industry (the dti) officially launched South Africa’s largest ever Equity Equivalent Investment Program (EEIP) at a ceremony at Barlow Park, Johannesburg.
Speaking at the launch, Zakieya Parker, managing director of Caterpillar Industries, said, “South Africa has historically been important for us at Caterpillar, and I am excited to share with you today details of a new significant investment we are making. Caterpillar is launching an equity equivalent investment programme with the South African Department of Trade and Industry with a commitment to localise a cumulative R1.3-billion (about USD90-million) of component content over the next 10 years.”
Minister Rob Davies, Barloworld CEO Emmy Leeka and Caterpillar Industries managing director, Zakieya Parker, at the launch of the EEIP. Image credit: Robyn Grimsley
Caterpillar’s EEIP comprises five integrated and interdependent components: local supplier and enterprise development, localisation of component content, skills transfer and development and job creation. The localisation opportunities the company is looking at include sourcing components locally to support the mining, construction, energy and transportation industries.
This is one of Caterpillar’s largest engagements in Africa to date, and is part of the company’s plan, announced in September 2016, together with its independent dealers and the Caterpillar Foundation, to invest more than USD1-billion in countries throughout Africa over five years.
Caterpillar Southern Africa’s B-BBEE Equity Equivalent Investment Programme
Minister Rob Davies gave the keynote address at the launch of the Caterpillar Southern Africa’s Broad-Based Black Economic Empowerment (B-BBEE) Equity Equivalent Investment Programme on 4 October 2017.
Video credit: thedtiSouthAfrica