Through the memorandum, the two 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.

“It is therefore fortuitous that underlying this collaboration with Absa is the creation of synergies in the research, development and innovation enterprise,” she said, adding that it was crucial for the DST to create a prosperous society that derived equitable benefits from science and technology.

Pandor underscored the importance of developing highly skilled human capital, especially in areas related to finance and banking.

Signing the MoU on behalf of Absa, Chief Executive for Retail and Business Banking Bobby Malabie, said the bank was fully committed to supporting government to increase access to high-level graduate programmes in natural and physical science as well as engineering.

“Our 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.

“It is only through industrial, governmental and educational partnerships that this can be achieved,” he said.