Skip to content
  • Log In
  • Register
Menu
  • Log In
  • Register
  • Home
  • About
    • Overview
    • National Executive Committee
  • MEMBER FIRMS
    • Our Members and Classified Products
    • Business Guide Request
  • KNOWLEDGE CENTRE
    • Automotive Policy and Related
    • Quarterly NAACAM Local Value Index
    • Automotive Export Manual
    • Selected Industry Contacts
    • President and Executive Insights
  • NEWS
    • News
    • Engineering News Feature
    • NAACAM Newsletter
    • EVENTS
      • Golf Day
      • NAACAM Holds Black Supplier Day,
        AGM and Annual Dinner with Keynote
        Speaker Springbok Schalk Brits
      • International Automotive Parts Shows
      • NAACAM Show 2019
  • NAACAM Show 2023
  • High Gear
  • CONTACT
Menu
  • Home
  • About
    • Overview
    • National Executive Committee
  • MEMBER FIRMS
    • Our Members and Classified Products
    • Business Guide Request
  • KNOWLEDGE CENTRE
    • Automotive Policy and Related
    • Quarterly NAACAM Local Value Index
    • Automotive Export Manual
    • Selected Industry Contacts
    • President and Executive Insights
  • NEWS
    • News
    • Engineering News Feature
    • NAACAM Newsletter
    • EVENTS
      • Golf Day
      • NAACAM Holds Black Supplier Day,
        AGM and Annual Dinner with Keynote
        Speaker Springbok Schalk Brits
      • International Automotive Parts Shows
      • NAACAM Show 2019
  • NAACAM Show 2023
  • High Gear
  • CONTACT

R4.8bn Investment By 16 NAACAM Exhibitors Is A ‘Strong Vote of Confidence’ In SA Economy

The R4.8 billion investment pledge announced by the National Association of Automotive Component and Allied Manufacturers (NAACAM) last week reflected the “strong vote of confidence in the South African economy”, Trade, Industry, and Competition Minister Ebrahim Patel said at the NAACAM Show.

Naacam CEO Renai Moothilal on Friday confirmed that the pledge was consolidated from a group of 16 exhibitors at the event and reflected committed investments to be implemented between now and the end of 2024.

This group, coming from different regions and segments of component manufacturing, was a mix of large multinational and domestic component manufacturers as well as emerging black industrialists.

Patel in a statement welcomed the investment pledges, saying it would support more than 10 000 jobs.

Patel said he was particularly pleased to be part of this major announcement last week because investment was the lifeblood of every economy.

The companies that pledged include Shatterprufe, Atlantis Foundries, South African Tyre Manufacturers Conference, CRH Africa Automotive, John Moffat Prolock, IBO Group, and Auto Industrial Group.

Patel added that the government needed to respond to the private sector’s appetite to invest in the South African economy by creating a conducive environment where companies were more confident in putting money into building more factories. This, in turn, would create job opportunities for young people in a growing economy that represented industrial development.

“I was also pleased to learn that two of the companies that made pledges are Black Industrialist-owned firms that have been brought in as a result of the Automotive Industry Master Plan and the Automotive Industry Transformation Fund (AITF),” Patel said.

The AITF was established as a collective Equity Equivalent Investment Programme (EEIP) as defined in the Broad-Based Black Economic Empowerment Codes between seven multinational automotive manufacturers in South Africa. It aimed to facilitate transformation across the sector’s value chain through the provision of access to developmental funding, access to the market, and access to capacity development for qualifying black-owned entities.

The objectives of AITF include supporting qualifying black-owned entities, driving job creation, as well as enabling meaningful transformation and growth of the automotive sector across the value chain.

The two-day Naacam Show 2023 last week was attended by more than1 300 visitors and attracted more than 130 exhibitors, across established manufacturers and service providers in the automotive components sector and emerging small, medium and micro enterprises. The next iteration of the Naacam Show is scheduled for 2025.

The auto sector in South Africa contributed 4.9% to gross domestic product in 2023. Component-related investment alone in 2023 was R4.5bn.

According to the International Trade Association’s South Africa-Country Commercial Guide for the Automotive sector overview published in May, South Africa’s global vehicle production ranking is 21st with a 0.62% global vehicle production market share.

Under the South African Automotive Masterplan (SAAM) 2021-2035, the objective is to produce 1% of global vehicle production, or 1.4 million vehicles, per annum in South Africa by 2035. Source: Business Report

PrevPreviousComponent Factories of the Future theme for NAACAM Show 2023 Conference
NextAuto component manufacturer expands, adds new lineNext

Search

Recent News

NAACAM Show Hits Top Gear

NAACAM, IFC Launch Localisation Platform

R4.8bn Investment By 16 NAACAM Exhibitors Is A ‘Strong Vote Of Confidence’ In SA Economy

Component Factories of the Future theme for NAACAM Show 2023 Conference

Electric vehicles the future, CNBC Africa – Power Lunch South Africa

CNBC Africa – Trade ties at risk

  • Overview
  • National Executive Committee
  • Regional Committees
  • Presidents and Vice Presidents
  • Media Releases
  • Overview
  • National Executive Committee
  • Regional Committees
  • Presidents and Vice Presidents
  • Media Releases

Members

  • Services for Members
  • International Trade
  • Industry Contacts
  • Selected Industry Contacts
  • Consider NAACAM Membership
  • Services for Members
  • International Trade
  • Industry Contacts
  • Selected Industry Contacts
  • Consider NAACAM Membership

Useful Links

  • NAAMSA
  • SATMC
  • BMA-Intelligent-Systems
  • SA New Vehicle Sales
  • Durban Automotive Cluster
  • ASCCI
  • NAAMSA
  • SATMC
  • BMA-Intelligent-Systems
  • SA New Vehicle Sales
  • Durban Automotive Cluster
  • ASCCI

General

  • Contact Us
  • General Queries
  • Membership Queries
  • Advertise on this Page
  • Terms of Use
  • Privacy Statement
  • Contact Us
  • General Queries
  • Membership Queries
  • Advertise on this Page
  • Terms of Use
  • Privacy Statement
COPYRIGHT © NAACAM 2023. ALL RIGHTS RESERVED.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT