Cape Town – President Cyril Ramaphosa says the expansion of South Africa’s automotive sector exemplifies “the country’s promising investment prospects”.
Ramaphosa said this in his weekly newsletter.
He said that 2023 marked a significant milestone for South Africa’s automotive industry, as the country exported its six millionth domestically manufactured vehicle, alongside nearly 400,000 new vehicle exports.
“These figures are significant for a number of reasons. They show that our auto sector continues to grow despite a gloomy global economic outlook and disruptions to the flow of goods between countries.
We will continue to build on the gains that we have made towards creating an enabling business and investment climate that promotes economic growth and creates jobs. https://t.co/AFSHc5iziR pic.twitter.com/DkHB1bPVxt
— Cyril Ramaphosa 🇿🇦 (@CyrilRamaphosa) May 6, 2024
“The growth of the automotive sector also demonstrates the potential of South Africa as an investment destination. It is a good example of how committed investors, supported by government policies and programmes, can achieve good returns for their shareholders while contributing significantly to the South African economy,” Ramaphosa said.
He cited Volkswagen’s R4 billion investment as a recent example.
The president emphasised investment’s role in job creation and economic development, citing positive trends in foreign direct investment (FDI).
Addressing challenges like electricity shortages and infrastructure issues, he outlined ongoing efforts to improve the business environment.
Ramaphosa pledged to continue fostering an attractive climate for investment to ensure economic recovery.
