Earlier this week, Minister of Trade and Industry, Rob Davies, announced Defy’s R130 million investment in South Africa at the company’s factory in Jacobs, Durban. The aim is to boost the country as an investment destination, as well as aid in creating jobs.

According to SA News, the investment is projected to produce 75 new job opportunities that will manufacture 500 top loaders per shift, along with seeing the multinational produce 5kg to 10kg top loader washing machines for both the local and export markets.

“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,” explained Davies.

The publication adds that Defy has also signed a contract with the University of Wits to start a joint engineering study initiative, which will focus on developing new technologies. The project will have a satellite laboratory which will be located in Midrand, Johannesburg and is said to begin operating in July to the value of R15.7 million.

“We are on the cusp of a very big change for Africa and the ratification of the Africa Continental Free Trade Agreement, which was adopted by 22 members in Gambia on 22nd 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,” concluded Davies.

[Source – SA News] [Image – CC 0 Pixabay]