Billions invested in key sectors

CLOSE to R70 billion has been invested towards re-igniting major sectors which drive economic growth and job creation in the country.

This is according to the Department of Trade, Industry and Competition (dtic) addressing members of the National Assembly committee on trade and industry.

According to the dtic, so far, four master plans have been finalised and being implemented.

They are for the sugar, automotive, poultry, retail – clothing, textile, footwear and leather (R-CTFL) industries.

Two master plans are still to be finalised – the steel and furniture sectors.

The total investments include commitments made at the two South African investment conferences as follows:

● Poultry – R1.5bn

● Automotive sector – R60bn

● R-CTFL – R6.7bn

● Sugar – R1bn

The deputy director-deneral of industrial development at the dtic, Thandi Phele, told Members of Parliament the implementation of the master plans was already bearing fruit in the four sectors.

“In the poultry industry, production has increased by 5% during the first eight months of the year 2020, when compared to the same period in 2019, with an additional one million birds per week produced.

“The South African Poultry Association made a R735 million new investment out of R1.5bn commitment and through these developments, 428 jobs have been created,” said Phele.

The main objectives of the poultry masterplan has been to re-focus the industry to exports, reclaim the domestic market and change the economic value extraction premium meat (breasts) and discounted meats (bone in/thighs). In addition, efforts were geared towards the saving of 54 000 jobs and creating an initial 3 600 new jobs, with employment growing beyond this rate as exports grow further. In the R-CTL, 40 jobs were saved in the new flip flop factory at Pep Clothing (PepClo) which came as a result of a R25m investment. |