Cabinet welcomes major investment milestones
Minister in the Presidency, Mondli Gungubele, says Cabinet has welcomed the fruition of major investments and achievements made by local and international companies in the country.
He was on Thursday briefing media on the outcomes of the Cabinet meeting held on Wednesday.
“South Africa welcomes investments into our country and is committed to creating favourable conditions for inclusive growth and transformation of the economy,” Gungubele said.
Some investments and economic boosts received include:
• The opening of the R800 million Corobrik state-of-the-art brick manufacturing plant in Driefontein, Gauteng. The company is expected to invest a further R200 million to expand its KwaZulu-Natal based concrete facility.
• Mining giant Anglo American’s launch of a hydrogen powered truck, which is expected to give a significant boost to the country’s green hydrogen economic hopes.
• Irish food company, the Kerry Group, opened a R650 million plant in KwaZulu-Natal.
• The launch of the new locally manufactured Isuzu D-Max bakkie, which forms part of the company’s R1.2 billion investment commitment (made in 2019) to the country.
“Corobrik is one of several local businesses that have responded to President Cyril Ramaphosa’s call on South African and international enterprises to invest in this country.
“Cabinet noted that the fledgling hydrogen economy has been given a boost with the launch of a hydrogen-powered truck by Anglo American. The hydrogen economy has been identified as a strategic priority for our country’s green economy and to drive economic growth and employment.
“The Kerry Group has had a presence in South Africa since 2011 and their further investment is a sign that South Africa remains an investment desitnation of choice,” he said.
Gungubele said in particular, the launch of Isuzu’s new flagship bakkie is a boon for the country’s auto-manufacturing industry.
“The new generation D-MAX crowns Isuzu’s commitment to South Africa and is one of the successes achieved under the Automotive Production Development Programme (APDP). The APDP is a production incentive scheme for the motor industry aimed at promoting production volumes in the specified motor vehicle industry, promoting added value in the automotive component industry, thus creating employment across the automotive value chain.
“Approximately R2.8 billion will be generated in local content production value through the lifecycle of the APDP. The investment will secure more than 1 000 direct jobs at the plant and indirectly employ 24 000 people, contributing significantly to community upliftment in the region,” Gungubele said.
Turning to the Investing in African Mining Indaba held in Cape Town this week, Gungubele said the platform is one of the biggest for engagement and collaboration for all stakeholders in the industry.
“Cabinet is confident that the mining indaba will assist in promoting South Africa as an investment destination of choice,” he said.
International and regional relations
Gungubele said Cabinet reflected on several engagements President Ramaphosa has had with leaders both on the continent and other parts of the world – including Russian President Vladimir Putin and Ukranian President Volodymyr Zelenskyy.
“Cabinet also welcomed President Ramaphosa’s recent interactions with President Joe Biden of the United States, President Emmanuel Macron of France and President Hakainde Hichilema of Zambia on different platforms.
“These engagements allowed the President to strengthen bilateral relations and cooperation between South Africa and partner States on key regional and international issues, including finding a peaceful solution to the conflict in Ukraine,” he said. –
Source: South African Government News Agency