According to Odaily, Microsoft's South African division (SA) has signed a $70.5 million artificial intelligence (AI) investment agreement with the South African Department of Trade, Industry, and Competition (DTIC). The deal aims to support the development of local Small, Medium, and Micro Enterprises (SMMEs) in both tech and non-tech sectors over the next decade.
Approximately 200 SMMEs and over 2,000 individuals are set to benefit from advanced AI knowledge and other capabilities, preparing them for future work. This initiative is propelled by the Broad-Based Black Economic Empowerment (B-BBEE) Act's equity equivalent investment program provisions, allowing Microsoft to accumulate BEE points.
The investment commitment is designed to stimulate the growth of small and medium-sized enterprises, create local opportunities, and prepare for South Africa's AI transformation.
