The Minister of Trade and Industry, Dr Rob Davies, says that he is thrilled that Defy's multi-million-rand investment in South Africa will lead to the creation of additional needed job opportunities and further boost the country's position as an investment ready destination of choice for multinational corporations. Davies said this during the launch of Defy's R130 million investment at its Jacobs factory that took place in Durban, today.
This latest investment will see Defy produce 6-, 7-, 5- and 10-kilogram top loader washing machines for both the local and export market and is projected to produce a total of 75 new job opportunities that will manufacture 500 top loaders per shift.
Davies further stated that the manufacturing development is a much needed boost to the local community of Jacobs by undertaking a localisation programme as part of the new investment.
It is important to note that even though statistics of this investment sound modest in nature, they will go a long way in unlocking job opportunities in the South African economy. They will also help us sustain our position which has seen us continue increasing foreign direct investment into the country, while the rest of the continent has experienced a contraction, he said.
Davies also remarked that he anticipated a significant increase in South African products to the African market, way more than it is at this current stage.
We are on the cusp of a very big change for Africa and the ratification of the Africa Continental Free Trade Agreement (AfCFTA) which was adopted by twenty-two members in the Gambia on 22 April 2019 will open up the market for products manufactured from these countries. I hope also that this ratification will enable an expansion of South Africa's exports into Africa as well and commit to work with initiatives of this nature as energetically as I am able to, said Davies.
Defy will also invest in new cooking products. In July Defy will launch a new outlook for their 60cm Built-In Ovens with an investment of approximately R 7 million which will be followed by a new Free-Standing Stove investment of approximately R 18 million launching in quarter one of 2020. It has signed an agreement with Wits University to start a cooperation for joint engineering studies focusing on developing new technologies for some of its products. The new satellite laboratory will be located in Midrand, Johannesburg and will be operational by July 2019. The total investment for this project is R15,7million with a total 39 new employment opportunities created.
Source: Department of Trade and Industry