President Cyril Ramaphosa will on Wednesday, 10 April 2019, officiate a ceremony at which the automotive group Nissan will announce an expansion of its investment in South Africa.
The investment ceremony will take place at the Nissan production plant at Rosslyn in the City of Tshwane.
This demonstration of confidence in South Africa as an investment destination was among the investment pledges presented at the South Africa Investment Conference held in Johannesburg October 2018 under the theme “Accelerating Economic Growth by Building Partnerships”.
Nissan South Africa’s expansion is a culmination of collaborative work by the automotive industry, the Department of Trade and Industry and the Gauteng Provincial Government’s Gauteng Growth and Development Agency and the Automotive Industry Development Centre.
Led by President Ramaphosa, the conference generated a total of R290 billion in new investments, with the automotive sector accounting for R40 billion over the next five years.
Projects to the value of R187 billion from the pledges committed at the South Africa Investment Conference are currently undergoing implementation, and projects worth another R26 billion are in the pre-implementation phase.
These projects are reinforcing South Africa’s ambition to attract R1,4 trillion in domestic and international investment over a period of five years.
The automotive industry contributes 6.9 percent to GDP, which accounts for 30.1 percent of manufacturing output and 13,9 percent of total exports.
The sector employs more than 110 000 people in the vehicle and component manufacturing and averages annual investment of R12.2 billion.
Government remains committed to further support investment and development of the automotive industry in line with the National Industrial Policy Action Framework and the Industrial Policy Action Plan.
President Ramaphosa has called for all role players in government, civil society and business to collaborate in reigniting inclusive growth and pursue greater levels of investment that will create employment and reduce inequality and poverty.
Source : BUSINESS REPORT ONLINE
Keywords : Africa, News, Economy, President Cyril Ramaphosa, Nissan, Investment