Durban — Parks Tau, Minister of Trade, Industry and Competition DTIC), says the South African Automotive Masterplan is on track. He was speaking at Ogihara South Africa’s new production plant at the Dube TradePort on Thursday.
Ogihara South Africa (OSA) is a new joint venture between Toyota Tsusho Africa (TTAF), a subsidiary of Toyota Tsusho Corporation, in collaboration with Ogihara (Thailand) Corporation (OTC) and Toyota South Africa Motors (TSAM).
Tau said the joint venture marked an important milestone in the automotive sector, which was fully supported by the DTIC.
He said it would bring substantial foreign direct investment to South Africa, create numerous employment opportunities, and further deepen the localisation of the economy in alignment with the masterplan’s objectives.
The strategic investment is expected to pump R1.2 billion into the South African automotive industry.
“This investment is welcomed since it falls in line with the strategic priorities of the 7th Administration led by President Cyril Ramaphosa to amongst others, drive faster implementation of industrialisation, job creation and transformation,” Tau said.
He added the plant would be pivotal in enhancing the local automotive manufacturing landscape.
“This event and the construction of the production facility mark the further commitment of a transformative journey. The joint venture between Toyota Tsusho Africa and Ogihara investment of R1.175 billion is testament to the confidence in the implementation to the Investment Mobilisation Drive,” Tau said.
The investment will increase the local content on the Hilux, Fortuner and Corolla models to allow Toyota South Africa to further support the local value-added targets, linked to the localisation targets on the masterplan. It is for this reason that the localisation rate in the Automotive Production Development Plan (APDP) is targeted at 60% by 2035.
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