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Driving South Africa forward by laying a solid foundation for the manufacturing sector

Amith Singh

Amith Singh

16th November 2023

     

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Amith Singh

Developing South Africa (SA) into a manufacturing dream performer is an ideal worth pursuing. This is particularly clear after an illuminating week at South African Auto Week.

Auto Week, the country's premier automobile event for quality networking and thought leadership, took place from 11 to 13 October as part of SA's Transport Month.  

Driven by naamsa, the Automotive Business Council, which represents 42 passenger vehicle brands, 22 light commercial and 20 medium and heavy commercial vehicle brands, Auto Week is a heavyweight gathering of people committed to growing the economy and creating jobs.

Understandably, optimism is tempered by pressure on the new-vehicle market, which is expected to remain flat, as well as macroeconomic factors such as load-shedding, commodity price fluctuations, backlogs at ports, as well as deterioration of road and rail networks.

The automotive industry, however, is the largest player in SA's manufacturing industry. In 2021 it contributed close to 5% of the country’s annual gross domestic product. It directly employs nearly 500 000 people formally and informally, which is 2,9% of SA's 16,2 million employed. The auto industry also exports products to 152 markets and generated R227,3 billion in export revenue last year.

While Nedbank is aware of the economic constraints and challenges that SA faces, the impact of the automobile manufacturing sector on the economy cannot be underestimated. The sector is propelled by naamsa’s vision, which is to lead a globally competitive, transformed automobile industry that actively contributes to SA's sustainable development.

The deliberations at Auto Week were critical in understanding the impact of the sector, ways of boosting local investment, how the country is moving towards electric vehicles and handling energy challenges, and more.

Deputy President Paul Mashatile addressed the conference and engaged in roundtable talks with key industry stakeholders. He acknowledged the pivotal role of the manufacturing industry. However, more work is needed to build on a solid foundation. We must collectively roll up our sleeves and work together for the good of the South African economy and job creation.

The manufacturing sector remains a positive window of opportunity to unlock new opportunities, notably the emergence of the energy efficient electric car. Nedbank Commercial Banking is premised on its understanding of the manufacturing sector's pain points and offers solutions with adequate support so that clients can better navigate the current difficulties facing South Africa. As such, Nedbank aligns with the industry optimism that while challenges remain, the upswing of the hold on rates can lift the sector.

As money experts committed to doing good, our team have expert solutions with adequate solutions to enable clients to navigate the current challenges.

For more information email manufacturing@nedbank.co.za.

Singh is Nedbank Commercial Banking’s National Manager for the manufacturing sector.

https://business.nedbank.co.za/commercial-banking/industry/manufacturing.html

Edited by Creamer Media Reporter

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