SA component industry pledges R4.8bn in investments
The South Africa component industry will invest R4.8-billion in the South African economy up to the end of next year, says National Association of Automotive Component and Allied Manufacturers (NAACAM) CEO Renai Moothilal.
Moothilal spoke at the NAACAM Show 2023, hosted in Tshwane last week.
The show was held in partnership with the Tshwane Economic Development Agency.
Moothilal said the investment pledge was consolidated from a group of 16 exhibitors at the event.
The group – from different regions and segments of component manufacturing – consists of a mix of large multinational companies, domestic component manufacturers, as well as emerging black industrialists.
Minister of Trade, Industry and Competition Ebrahim Patel welcomed the announcement as he addressed the event.
“Investment is the lifeblood of growth. So much of our preoccupation is to expand the economy, get more taxes and create more jobs, and generate revenue for essential public services.
“But all of that depends on investment – a commercial decision driven by an expectation of a return.
“I am pleased with the pledge here today, as this is a strong vote of confidence by component makers.”
Also speaking at the show, Transnet group CEO Portia Derby noted that Transnet was looking to improve its offering to domestic component manufacturers.
The two-day NAACAM Show 2023 was attended by more 1 300 visitors, attracting more than 130 exhibitors.
Comments
Research Reports
Projects
Showroom
Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
