As part of President Cyril Ramaphosa’s call to generate more than R1 trillion in new investments in five years, Japanese car maker Isuzu announced on Monday they will invest R1.2 billion.
News of the investment comes in the wake of a recent state visit to Japan by the Minister of Trade and Industry (dti), Ebrahim Patel, where the Minister met with senior management of Isuzu to discuss possible investment opportunities.
“This adds a further R1,2 billion to what was announced last week, bringing new investment pledges made by businesses this month to just above R364 billion,” Patel said.
The investment will directly lead to the creation of a 1 000 new jobs.
Patel credited the dti’s Automotive Master Plan for the deal.
He also noted the African Continental Free Trade Area (AfCFTA) and the exposure to new business it most likely will afford the likes of Isuzu.
“During my discussions with the Isuzu executive leadership in Japan recently, we shared perspectives on the opportunities that will come from the AfCTFA.
“I am pleased that Isuzu will expand its exports to other African countries, using the local manufacturing platform. It will deepen our industrialization drive. It will boost the Eastern Cape economy and consolidate Isuzu’s presence in the local and continental market.”
Patel went on to praise the ever-growing relationship between South Africa and Japan since the inception of the bilateral Strategic Co-operation Partnership agreement, which was signed by both nations in 2011. – Bjorn Vorster
