Signing the memorandum on behalf of the department, Science and Technology Minister Naledi Pandor said that the partnership is timely "as it occurs when government is seeking sustainable strategies to increase investment in research and development, and also stimulate business to do the same."
The Department of Science and Technology (DST) and Absa will focus on, among other things, human capital development, technology commercialisation, renewable energy technologies, information communication technology and agricultural business development. Pandor welcomed the partnership with Absa, saying it would go a long way in addressing the innovation chasm in technology platforms such as ICT, information security and renewable energy technologies. Signing the MoU on behalf of Absa, Chief Executive for Retail and Business Banking Bobby Malabie, said the bank was fully committed to help government increase access to high-level graduate programmes in natural and physical science as well as engineering.
Pandor said it was crucial for the DST to create a prosperous society that derived equitable benefits from science and technology, "it is therefore fortuitous that underlying this collaboration with Absa is the creation of synergies in the research, development and innovation enterprise," she said. Malabie noted that Absa's role extends beyond that of a mere bank. "We are a true partner in society as we take a step closer today towards realising the desired partnership with universities to attract quality graduates, who will be able to advance the fields of science, engineering and technology," he said, according to the GCIS.
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