President Cyril Ramaphosa says Toyota South Africa’s R10.4 billion investment in its Durban manufacturing plant is a strong vote of confidence in the country’s manufacturing sector, despite growing global competition for investment.
Ramaphosa delivered the keynote address via a pre-recorded video that was played to delegates during the launch of Toyota’s new-generation Hilux.
The investment comes after years of disruption at Toyota’s Prospecton plant, including the COVID-19 pandemic, the July 2021 unrest, and the devastating 2022 floods that submerged the facility and caused billions of rands in damage.
Ramaphosa says the new investment will create jobs and reinforce the country’s position as a key automotive manufacturing hub.
“It is also a reminder of the powerful multiplier effect of industrial investment. I understand that approximately one third of the motor’s investment has been directed towards strengthening local supplier capacity, as well as tooling. While suppliers themselves have invested an additional R2 billion to expand localisation. That is how resilient industrial ecosystems are built. That is how domestic manufacturing capabilities are deepened. That is how small the medium enterprises are empowered to grow.”
