Volkswagen South Africa’s injection of R4 billion into its assembly plant in Kariega, Eastern Cape, garnered praise from Trade, Industry, and CompetitionThe VWSA investment signals the introduction of a new SUV model based on the Polo platform, solidifying the facility’s position as the exclusive Polo brand manufacturer worldwide. Moreover, this SUV model is set to be exported to various global markets.
Furthermore, in the past five years, the government has actively bolstered automotive production in South Africa, Patel noted, citing ten key actions taken by the sixth administration to support the industry. These include the implementation of a new Automotive Masterplan in July 2021, the conclusion of modalities for the African Continental Free Trade Agreement, and securing investment commitments totalling R50 billion in the auto sector.The automotive industry remains a vital contributor to South Africa’s economy, with its manufacturing segment alone contributing 2.9% to the country’s GDP in 2022.
Despite global challenges such as the COVID-19 pandemic and supply chain disruptions, South Africa’s automotive industry has demonstrated resilience, evidenced by the record export of 399 594 vehicles in 2023.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Finance Minister to Determine NHI Funding After Bill Signing - South African News BriefsFinance Minister to Determine NHI Funding After Bill Signing
Source: allafrica - 🏆 1. / 99 Read more »