From New Development Bank is for power, water and transport sectors

SA automotive body parts blanking company VM Automotive pledged to invest R426 million in 2019 and 2020.

Chief executive Gibson Njenje said the company was currently building a plant in Berlin in the Eastern Cape, aimed at employment acceleration.

Njenje said the plant would ensure the company was able to meet the demand of well-established vehicle companies.

Its major client, MercedesBenz, was releasing a new car next year with an estimated seven-year life span.

“The company’s objective is to develop the local economy and specifically the rural economy.

“There is hardly any local manufacturing company supplying car parts to international companies.

“We are trying to change this narrative, but most importantly the investment ensures employment opportunities to impoverished youth,” he said.

MTN Group invested R50 billion into rolling out digital infrastructure, networks, connectivity, high-speed highways that they manufacturing believe SA will need to move further into the digital age.

“We are absolute believers that SA is going to rise in the years ahead. To this end we wish to continue to the growth and development of the country, especially with respect to enabling digital and financial inclusion efforts across the country, as we believe everyone deserves the benefits of a modern connected life.”

Over the next five years MTN will spend R10 million per year of the R50 million pledged on the capital investment.

President Cyril Ramaphosa’s first investment conference, held in 2018, yielded about R238 billion worth of investment, committed to a number of projects.