Ramaphosa praises performance of manufactured goods exports

South African President Cyril Ramaphosa has praised the export performance voiced by Trade, Industry and Competition Minister Ebrahim Patel when he presented the department's third quarter 2022 report to parliament.

The minister said as part of the private sector's promise to invest over one trillion rand (US$54.1 billion) into the national economy, South Africa achieved exports of industrial goods worth R188 billion (about US$10.2 billion) in the third quarter; in other words, that is almost R60 billion (US$3.2 billion) a month or R2 billion (US$108.2 million) daily.

These are important examples of how government, social partners and the country's workforce are working together to ensure inclusive and sustainable growth.

In addition, the Head of State noted the signing of a memorandum of understanding between automotive company Stellantis South Africa, the Industrial Development Corporation (IDC) and the Department of Trade, Industry and Competition (DTIC) to establish a new car manufacturing facility in South Africa.

"This kind of investment is recognition that our country has world-class manufacturing capability in the automotive sector; it will deepen the industrialisation of our economy and most importantly, create more jobs," said the South African government website.

Photo: flickr.com