INTERNATIONAL INVESTORS KEEN TO WORK WITH THE SOUTH AFRICAN AUTOMOTIVE SECTOR

INTERNATIONAL INVESTORS KEEN TO WORK WITH THE SOUTH AFRICAN AUTOMOTIVE SECTOR

The twenty international buyers participating in the South African Automotive Week in Midrand believes there are potential areas and technical expertise within the automotive sector that be exploited for future investments.

  

The buyers, who have funded through the Department of Trade and Industry (the dti’s) Export Marketing and Investment Assistance Scheme (EMIA), are from the United States of America, Turkey, Nigeria, Russia, Argentina, Thailand and Uruguay.

The Chairman of Innoson Vehicle Manufacturing Company based in Nigeria, Dr Innocent Chukwuma said he had met and had discussions with five South African components companies to identify areas of collaboration and to source imports.

“Innoson is currently looking for companies that can be able to produce components that are needed for our range of product line in the heavy duty vehicles, middle and high class level buses at a reasonable rate with the same international standards,” said Chukwuma.

Chukwuma believes South African components manufactures are in par with the East Asian countries where he is currently importing components.

“From what I have seen South Africa’s components are as good as the Asians and can easily supply most countries in Africa. They are strategically positioned and can move parts quickly than the rest of the world around the continent,” he said.

The Chief Director of Export Promotion and Marketing at the dti, Ms Zanele Mkhize said the department created a platform for match-making international buyers with local companies with the aim of targeting markets where South Africa want to export value-added components especially in the automotive sector.

“the dti match-making lounge at the South African Automotive Week hosted 497 meetings over a period of three days, and our buyers participated in 140 meetings with potential suppliers and components manufactures around South Africa,” said Mkhize.

She added that the meetings were promising in terms of supplying components, joint ventures and technology transfer.

The buyers will visit three components manufacturers in Pretoria today.

The South African Automotive Week seeks to promote investment into the industry and access to licensing and patent technologies essential to the global competitiveness of the local supply chain.

Caption: Chairman of Innoson Vehicle Manufacturing, Dr Innocent Chukwuma meeting with Duen Du Toit of SA Diesel Line.