From Star Africa via APA
President Jacob Zuma is Thursday expected to officially open the First Automotive Works (FAW) South Africa assembly plant in an industrial development zone at the Nelson Mandela Bay Metro in Eastern Cape province.
The more than US $60-million truck assembly plant is funded jointly by China FAW Group Corporation and the China-Africa Development Fund.
A statement released by the Presidency in Pretoria said the decision to build the FAW plant in South Africa is very significant from a global perspective, as it is one of the most important and largest investments made by a Chinese entity in the country to date.
The ground-breaking project is part of the South African government’s interventions in manufacturing as an important pillar of the economy and would further improve foreign-investor confidence in the country.
“This plant will contribute significantly to national goals for socio-economic development, enshrined in the definitive government policy on development including the National Development Plan, New Growth Path and the Industrial Policy Action Plans,” said the statement.
The plant would initially assemble 5,000 trucks annually for the sub-Saharan African market where FAW plans to entrench itself as a leader in the commercial vehicle market.
Read more at Star Africa