The Department of Trade, Industry and Competition (DTIC) has tabled its 2022/23 third-quarter report, highlighting its efforts to help businesses navigate economic pressures and loadshedding.
Dtic Minister, Ebrahim Patel, presented the report to Parliament's Portfolio Committee on Trade, Industry and Competition. The presentation took note of global economic developments such as commodity price fluctuations and inflation, providing insight into the country’s economic position.
"The report highlighted the work of the department and illustrated how the work impacts the lives of South Africans, with 50 case studies of government interventions that have positively shaped a more prosperous and inclusive economy," the department said in a statement.
Patel noted the impact of loadshedding and outlined plans the dtic had implemented to tackle the challenge. These include a R1.3 billion energy resilience scheme to support companies affected by load shedding, to promote investment, cut red tape and establish an Energy One-Stop Shop, managed by InvestSA.
Patel welcomed the dtic’s efforts that secured private-sector investment pledges in the economy of more than R1 trillion, resulting in the opening, expansion, and continued operations of several projects across the country. These contributed to R188 billion in manufactured exports during the third quarter, according to provisional SARS data.
Notable investments included:
- R11.5 billion on a solar thermal power plant in the Northern Cape
- R1.1 billion on a data centre and solar power project in Ekhuruleni
- R3.3 billion on a new flat steel plant
- R3.62 billion on new automotive manufacturing in Tshwane
- R300 million on a business services centre in Durban and the rescue of a major industrial park in Gauteng.
“These investments by the private sector are testament to the effectiveness of incentives and support provided by the DTIC as well as the confidence that the business community has in the South African economy and its growth potential,” the department said.
Patel welcomed a 26% increase in vehicle production compared with the third quarter of 2022, and a 15% increase for the first three quarters of the year, bringing production up to 408 135 vehicles.
He also welcomed a 31% increase in vehicle exports compared with the same quarter of the previous year and a 26% increase in exports for the three quarters, bringing total exports of vehicles to 263 422.
The total value of automotive exports and domestic sales came to R87 billion in quarter three.
“During quarter three, employment in manufacturing grew by 26 000 jobs, and more than 650 000 jobs were retained in sectors protected under masterplans.
“The report provided an update on the Social Employment Fund administered by the Industrial Development Corporation,” said the department.
The Fund created 44 300 jobs by the end of the third quarter of 2022.
