BMW investment displays investor confidence – Patel
South Africa’ Economic Development Minister, Ebrahim Patel says that German automobile manufacturer BMW has invested R2.2 billion in the South African economy.
Speaking at BMW’s new manufacturing plant in Rosslyn, Pretoria on Monday, Patel explained that investments like these display a sign of confidence in the South African economy and will attract more foreign direct investments into South Africa’s private and public sectors, to spur economic growth.
"Today's launch of the production of the new 3 Series BMW and the investment of R2.2 billion by the company is a private sector vote of confidence in our economy," Patel said.
The world-renown car manufacturer will be opening up a new plant in South Africa to manufacture and assemble BMW’s new 3 Series vehicles. BMW says that the new plant will create 600 new jobs.
According to statistics, the automotive industry is responsible for 5% of South Africa’s total exports, producing some 550 000 cars annually.
"South Africa has attracted the leading international brand of motor manufacturers not only because of government's incentives to the sector, but also because the South African industry has consistently met the quality standards required by its parent company," the minster noted.
He added that, "We see BMW not merely as a foreign investor in South Africa but our partners in social and industrial development."
According to BMW officials, the new plant will more than double the production output of BMW vehicles made in South Africa.
More News
- Credit Unions
- Facebook Changes
- Student killed, 7 hurt in blast near Italy school
- Iran, Syria among topics for G-8 and NATO
- Turkish Welcome for Chicago NATO Summit
- Bahrain protesters decry unity plans with Saudis
- Facebook stock jumps in public debut
- Greece to dissolve Parliament for new election
- Romney releases first general election TV ad
- Obama to tout $3B pledge for food security
