South Africa’s President Celebrates Toyota’s $633m Hilux Investment Milestone, Highlighting Workers’Strength and Economic Potential BODY: DURBAN, South Africa – President Cyril Ramaphosa has celebrated the impending pilot production at Toyota South Africa Motors'(TSAM) Durban manufacturing facility, marking a significant milestone for the $633 million Hilux project.
The project is not only a testament to South Africa’s workforce and investment appeal but also a demonstration of the nation’s commitment to economic growth and innovation. During the virtual unveiling of the ninth-generation Toyota Hilux, Ramaphosa emphasized the broader implications of the project. “Today is about much more than the launch of a new vehicle.
It is about confidence in South Africa, the enduring value of long — term investment, and the strength of our workers, “he.
The Hilux, a brand deeply rooted in South Africa’s narrative over the past five decades, is now set to be “designed for our conditions, built by South African hands, and exported from South African shores, “Ramaphosa noted.
The investment, which totals R10. 4 billion, is the largest single product investment in TSAM’s history. It underscores the company’s dedication to the country’s automotive industry, which is a vital component of South Africa’s industrial economy, contributing 5% of the GDP and supporting over half a million jobs across the value chain.
Ramaphosa highlighted the strategic significance of South Africa’s mineral resources in the global transition to future mobility. He outlined the country’s commitment to strengthening incentives for component manufacturing, battery value chain development, and promoting research, innovation, and skills development in new-energy vehicles. Andrew Kirby, President and CEO of TSAM, echoed Ramaphosa’s optimism, acknowledging the challenges faced by South Africa as a global manufacturing base.
Despite the increased costs of labor, taxes, and logistics, Kirby remained hopeful about the future, especially with the support of government policies.
The new Hilux production at the Durban facility is poised to contribute to the local economy and address the country’s need for economic diversification.
As the project unfolds, it is clear that it has the potential to drive economic growth and foster confidence in South Africa’s manufacturing sector, marking a pivotal moment in the country’s economic trajectory.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Chinedu Okafor
