The South African Government announced HP as the first company to obtain approval for an equity investment proposal under the government’s Broad-Based Black Economic Empowerment (B-BBEE) initiative. Through the investment, HP will support the development of the HP Business Institute (HPBI), an independently run enterprise and skills development programme aimed at increasing the pool of IT talent amongst South Africa’s majority black community.
The HPBI will aim to equip employees of existing B-BBEE small and medium-sized IT companies with the necessary IT skills, creating employment opportunities and helping to close the skills gap in the ICT sector. In conjunction with selected partners, HP will identify up to 300 students annually who will be placed in short term skills programmes and one year traineeships. The first group of students will commence their studies in February 2008.
The shortage of IT skills is widely recognised as being a strong barrier to development in South Africa especially given the potential of ICT as a driver of social and economic development. The HPBI will be a positive initiative to equip black people with the necessary skills and develop a pool of talent to feed growth in the South African economy, particularly in the fast growing ICT sector.
Speaking about the HPBI, the Minister of Trade and Industry, Mandisi Mpahlwa said, “As the first equity equivalent proposal to have been approved by Government, we are pleased that another significant milestone has been achieved in the country’s transformation process.”
Francesco Serafini, senior vice president and managing director of HP EMEA confirms the significance of the announcement, “HP is committed to diversity and as such has always embraced the principles of B-BBEE and transformation in South Africa. There is huge potential in South Africa and HPBI will help nurture that potential by filling skills shortages and enabling ICT to fully contribute to the development of the country and the region.”The HPBI is a significant part of HP’s overall B-BBEE strategy and brings HP’s total investment in B-BBEE initiatives to over €15 million.
About B-BBEE
Broad-Based Black Economic Empowerment (B-BBEE) is part of the South African Government’s efforts to increase broad-based and effective participation of black people in the economy and promote a higher growth rate, increased employment and more equitable income distribution. B-BBEE is made up of seven elements: equity ownership; access to ICT and CSI; enterprise development; preferential procurement; skills development; employment equity and management and control. More information about B-BBEE is available at www.dti.gov.za 
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About HP
HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $100.5 billion for the four fiscal quarters ended July 31, 2007. More information about HP is available at www.hp.com.
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