CAPE TOWN: President Cyril Ramaphosa has emphasized government’s commitment to stimulate significant, new investment in the country’s economy.
He addressed delegates at auto manufacturer Mercedes-Benz’s announcement of an R10 billion investment in the expansion of its East London plant on Tuesday.
The luxury car brand’s new generation C-Class model will also be manufactured here. Ramaphosa says this cash injection signals a positive momentum in the target to raise R1.2 trillion in new investment for South Africa.
“This investment is a statement of trust, a statement of confidence that South Africa is indeed a good investment destination and we welcome you for having brought this investment here.”
“We say this is an investment in people because it deepens the commitment that Mercedes-Benz has to develop skills and nurturing talent.
“It understands that for its business to grow, for it to keep pace with rapid changes in production methods, it needs to train new entrants and continuously upgrade the skills of existing employees,” said the President.
Member of Mercedes-Benz’s divisional board, Markus Schafer: “This is an important milestone for Mercedes-Benz, especially for Mercedes-Benz South Africa today and I think a very important milestone for the community, expanding the plant and making the plant ready for the future. This is a sign of trust in the fantastic workforce.”