Cabinet welcomes major investment milestones

• Published date: 12 May 2022
• Publication title: South African Official News

Minister in the Presidency, Mondli Gungubele, says Cabinet has welcomed the fruition of major investments and achievements made by local and international companies in the country.

He was on Thursday briefing media on the outcomes of the Cabinet meeting held on Wednesday.

'South Africa welcomes investments into our country and is committed to creating favourable conditions for inclusive growth and transformation of the economy,' Gungubele said.

Some investments and economic boosts received include:

The opening of the R800 million Corobrik state-of-the-art brick manufacturing plant in Driefontein, Gauteng. The company is expected to invest a further R200 million to expand its KwaZulu-Natal based concrete facility.

Mining giant Anglo American's launch of a hydrogen powered truck, which is expected to give a significant boost to the country's green hydrogen economic hopes.

Irish food company, the Kerry Group, opened a R650 million plant in KwaZulu-Natal.

The launch of the new locally manufactured Isuzu D-Max bakkie, which forms part of the company's R1.2 billion investment commitment (made in 2019) to the country.

'Corobrik is one of several local businesses that have responded to President Cyril Ramaphosa's call on South African and international enterprises to invest in this country.

'Cabinet noted that the fledgling hydrogen economy has been given a boost with the launch of a hydrogen-powered truck by Anglo American. The hydrogen economy has been identified as a strategic priority for our country's green economy and to drive economic growth and employment.

'The Kerry Group has had a presence in South Africa since 2011 and their further investment is a sign that South Africa remains an investment desitnation of choice,' he said.

Gungubele said in particular, the launch of Isuzu's new flagship bakkie is a boon for the country's auto-manufacturing industry.

'The new generation D-MAX crowns Isuzu's commitment to South Africa and is one of the...