The Minister in the Presidency responsible for Planning, Monitoring and Evaluation, Maropene Ramokgopa, said the Cabinet welcomed the launch of a R1.1 billion automotive components manufacturing facility at the Dube Trade Port Special Economic Zone in KwaZulu-Natal.
She said the massive investment by Toyota Tsusho Africa (Pty) Ltd and Ogihara Thailand Corporation Ltd was a vote of confidence on South Africa’s position as a formidable destination for foreign direct investment.
“The investment also underscores the progress that has been made under the stewardship of President Cyril Ramaphosa, who has championed an investment drive that has attracted more than R1.51 trillion in investor commitments since 2018.
South Africa’s investment appeal continues to draw catalytic investments that affirm the government’s intent to drive economic growth and create jobs,” she said.
Ramokgopa said the government remained focused on growing the economy, reducing unemployment, and creating a more resilient investment climate.
Moreover, Ramokgopa noted that the recently approved R17.8 billion funding from the BRICS New Development Bank (NDB) would accelerate infrastructure development in water and sanitation. She further said it would reduce infrastructure backlogs and ensure the provision of basic services to poor households.
“Cabinet expressed appreciation for the funding, which will greatly accelerate infrastructure development in our nation and contribute to improving the lives of people,” said Ramokgopa.
She further said the Cabinet had noted the slight increase in the growth of the economy, which sets a positive tone for the country’s overall economic performance for the year.
Ramokgopa said the economy remained robust as Statistics South Africa reported that the economy had grown by some 0.4% during the second quarter of 2024. She said the Cabinet encouraged all sectors of society to build on this momentum going forward.
“When all sectors build on this momentum as a nation, we will realise the creation of more jobs and improve the living standards of all South Africans,” said Ramokgopa.
Sunday Tribune