Trade and Industry Minister Parks Tau has reaffirmed the government’s plans to fast-track industrialization, job creation, and transformation.
Tau doubled down on some of the government’s commitments at the launch of the Toyota and Ogihara investment drive at the Dube Port in KwaZulu-Natal (KZN) on Thursday.
The joint venture is set to boost the local production of auto parts, in what’s considered an all-important move for the automotive sector.
As part of the Government of National Unity’s plans to boost the economy, Tau said the promotion of fixed capital investment, infrastructure development, and structural reforms are top of the agenda.
He said part of this is the R1.2 billion rand investment in KZN’s booming automotive sector made by Toyota and Thailand’s Ogihara.
The collaboration will see the construction of a new component manufacturing plant at the Dube Tradeport in Durban, to supply products to Toyota South Africa.
At least 250 direct jobs and more than 1,000 indirect jobs are set to come from the investment.
Tau said the investment is also part of the country’s localization strategy.
-EWN
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