Toyota's R10.4bn Durban investment shows growing investor confidence - Ramaphosa
Toyota's R10.4 billion Durban investment is expected to boost vehicle production, create jobs and strengthen South Africa's automotive industry and economy.
President Cyril Ramaphosa says the R10.4 billion investment by Toyota South Africa Motors at its Durban plant shows growing investor confidence.
The new ninth-generation Toyota Hilux was officially launched in Isipingo on Thursday.
It's set to give Durban's automotive sector a major boost - driving economic growth and supporting job creation.
Speaking virtually during the unveiling, Ramaphosa said the automotive industry contributes around 5% of the country's GDP.
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"The automotive industry remains one of the great pillars of South Africa's industrial economy. It contributes around 5% of our gross domestic product.
“It supports more than 115 000 direct manufacturing jobs and over half a million jobs across the value chain"
Meanwhile, Mayor Cyril Xaba says the investment reflects growing confidence in the city's improving business environment.
He says the municipality will keep working with Toyota SA Motors to strengthen and expand Durban's automotive industry.
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