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Moneyweb reports that Toyota SA Motors (TSAM) is investing R4.28 billion in SA between October last year and this year, including R2.43 billion for the production of a new passenger model at its manufacturing plant in Prospecton near Durban.
TSAM president and CE Andrew Kirby said on Thursday that with the investment in the new model, Toyota would be purchasing components from local suppliers to the value of R2.85 billion a year. “That will have a direct impact on our economy and create an additional 1,500 jobs – 500 jobs in our production facility and 1,000 in our direct suppliers.” Kirby stressed that the investments were being made against the backdrop of the finalisation of phase two of the Automotive Production and Development Programme (APDP), which will come into effect in January 2021 and will last until 2035, creating some policy certainty for the auto industry. Thabi Leoka, an investment specialist and member of the Presidential Economic Advisory Council, commended TSAM for showing its commitment to the SA economy by creating jobs when almost every sector seemed to be shedding jobs. Leoka noted that two years ago President Cyril Ramaphosa had gone on a very ambitious investment drive to attract $100 billion in new investments in SA in the next five years and so far about R662 billion had been raised. “We have, under very difficult economic conditions, been surprisingly successful in attracting investment. We have also had a number of South African companies and sectors that have pledged and are investing into the futures. There is investment coming into South Africa but I think it should be more,” Leoka remarked.
- Read the full original of the report in the above regard by Roy Cokayne at Moneyweb
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