Durban plans to develop R11.5bn auto-supply park | Fin24
 
  • Covid-19 Money Hub

    The hub will help answer your business and money questions during the coronavirus crisis.

  • Dudu Myeni

    The former SAA chair has been declared a delinquent director for her role at the national airline.

  • Cigarette Ban

    Govt says emerging research shows smoking leads to more severe cases of Covid-19.

Loading...

Durban plans to develop R11.5bn auto-supply park

May 25 2016 07:35
Derek Alberts

Durban - South Africa plans to start developing a R11.5bn automotive-supply park south of Durban in 2018 as part of its effort to increase investment in local-parts production.

The KwaZulu-Natal government last week bought 1 000 hectares of farmland for the project and it will target suppliers including ones already working with vehicle manufacturers in the country, Mike Mabuyakhulu, the provincial head of economic development, said on Tuesday at an event at Toyota’s plant, also south of Durban.

The South African government’s auto-incentive programme has attracted companies including Toyota, Ford and BMW to set up factories and invest in creating jobs in an economy with an unemployment rate of more than 26%.

Toyota spent R6.1bn to facilitate production of its new Hilux and Fortuner vehicle models at the South African plant, Andrew Kirby, the CEO of its local unit, said at the site on Tuesday. The facility is the second-largest producer of the models, after Toyota’s plant in Thailand, he said.

The government has started working toward extending support for the automotive industry beyond its current 2020 outlook and it aims to complete the new plan by March 2017, President Jacob Zuma said in a speech at the Toyota plant.

RELATED: President Jacob Zuma has praised Toyota for its expansion project in Durban, which will result in the employment of 4 000 people to make the Hilux and Fortuner models. READ.

toyota  |  durban ­  |  auto industry
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How has Covid-19 impacted your financial position?

Previous results · Suggest a vote

Loading...