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Massmart R100m supply fund to benefit locals
Local manufacturers and smallholder farmers stand to benefit materially from Massmart's supply development fund, with the quality and competitiveness of their products expected to reach greater heights, according to the fund's chief executive, Mncane Mthunzi.
Addressing a consumer rights conference on Thursday, 3 November 2011, in Midrand, Mncane said the R100 million fund aimed at assisting black and white supply enterprises.
Mthunzi leads the supplier development programme first proposed by Massmart and Wal-Mart as a voluntary condition during the Competition Tribunal hearings into Wal-Mart's R16.5 billion bid for 51% of Massmart.
"The fund is about procurement, not BEE [black economic empowerment]. Massmart has a programme dedicated to BEE. The fund seeks to assist suppliers with products. We will plug them into our supply chain, help expand their products in terms volumes and give them technical assistance where necessary."
The former chief executive of the Consumer Goods Council of SA said the mechanics of the fund would be influenced by the advisory committee made up of Massmart management, unions and state officials.
Source: I-Net Bridge
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