PRETORIA – The ground is being turned and the foundation laid in a bid to make the City of Tshwane the automotive capital of South Africa.
R3.6-billion in investment and 6, 700 new jobs will be the result of a new automotive city hub in the City of Tshwane, as part of its public-private partnership with Ford Motor Company.
President Cyril Ramaphosa launched the hub on Tuesday.
In a few months, 18 companies will be operating out of the automotive Special Economic Zone and will supply American automotive giant, Ford Motor Company.
“They will be drawn from foreign investors but also local investors,” said Minister of Trade and Industries Ebrahim Patel.
“One of the large companies will be a black industrialist that will be making components that go into South African vehicles.”
The investment is part of the president’s drive to bring in more than R1-trillion over five years.
Despite South Africa’s current economic troubles, the president is upbeat.
“South Africa is still proving to be a very attractive investment destination because we are the continent’s largest automaker,” Ramaphosa said,
“And our automotive sector are growing steadily and climbing having recorded 19-percent growth this year compared to the previous year.”
The first nine companies involved are expected to be operational by January 2021 and it is hoped it will help put pedal to the metal to boost economic growth.
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