Toyota Invest R6.1bn In SA Production Sector
President Jacob Zuma unveiled the new generation Toyota Fortuner and Hilux production plant in Prospecton, South of Durban yesterday.
The investment by Toyota is going to create more than 8000 total jobs for the people of KwaZulu Natal.
“I am pleased to announce that this investment in the production of the new Hilux and Fortuner supports more than 4 000, jobs whilst total employment in the plant exceeds 8 000 jobs.
This is a significant contribution towards dealing with the serious challenge of unemployment in our country.” said President Jacob Zuma during his keynote address.
This investment by Toyota is a display of confidence in the country’s economy by a leading company in the automotive sector. Manufacturing contributes about 15% to the economy of the country.
“This investment clearly demonstrates the confidence that global automotive producers continue to have in South Africa as an investment destination and the supportive policy environment which we offer.” said President Zuma.
This move by Toyota comes just weeks after Moody’s rating agency projected that the country’s economy is set to grow in the coming quarter. South Africa escaped junk status rating by Moody’s.
Moody’s reported highlighted the need for business to partner with government in order for the economy to grow at a sustainable rate.