Renai Moothilal
The South Africa component industry will invest R4.8-billion in the South African economy up to the end of next year, says National Association of Automotive Component and Allied Manufacturers (NAACAM) CEO Renai Moothilal.
Moothilal spoke at the NAACAM Show 2023, hosted in Tshwane last week.
The show was held in partnership with the Tshwane Economic Development Agency.
Moothilal said the investment pledge was consolidated from a group of 16 exhibitors at the event.
The group – from different regions and segments of component manufacturing – consists of a mix of large multinational companies, domestic component manufacturers, as well as emerging black industrialists.
Minister of Trade, Industry and Competition Ebrahim Patel welcomed the announcement as he addressed the event.
“Investment is the lifeblood of growth. So much of our preoccupation is to expand the economy, get more taxes and create more jobs, and generate revenue for essential public services.
“But all of that depends on investment – a commercial decision driven by an expectation of a return.
“I am pleased with the pledge here today, as this is a strong vote of confidence by component makers.”
Also speaking at the show, Transnet group CEO Portia Derby noted that Transnet was looking to improve its offering to domestic component manufacturers.
The two-day NAACAM Show 2023 was attended by more 1 300 visitors, attracting more than 130 exhibitors.