Bonus Tydskrif SPRING SUMMER 2024 FINAL

Toyota Tsusho Africa (TTAF), a subsidiary of Toyota Tsusho Corporation, in collaboration with Ogihara (Thailand) Corporation (OTC) and Toyota South Africa Motors (TSAM), are proud to announce the formation of a new joint venture, Ogihara South Africa (OSA). The announcement was made at a groundbreaking event that took place at the construction site at Dube TradePort in Durban. The event was attended by Minister Parks Tau of the Department of Trade, Industry and Competition. In his address, he emphasised that: “The department is focussed on implementing and enhancing masterplans to boost key industries, attract investment, create jobs, and drive transformation. Specifically, the automotive masterplan aims to make the country’s automotive industry globally competitive and sustainable, benefiting both industry stakeholders and society at large.” Focus on local component production Minister Tau joined senior executives of TSAM, TTAF, and OTC to celebrate the partnership which sees an investment injection of over R1,1 billion into the production of essential manufacturing components. The strategic investment in the South African automotive industry is apportioned with TSAM contributing R545 million and the TTAF-Ogihara joint venture investing R630 million. Speaking at the event, Andrew Kirby, CEO and president of TSAM, said: “This joint venture marks a significant step towards our local value addition improvement strategy, by localising the production of these critical components. The inclusion of Ogihara SA in our local manufacturing ecosystem will not only create new job opportunities, but will also enhance our capabilities in producing high-quality body parts for the automotive industry. This collaboration exemplifies our commitment to localisation and underscores the possibilities for growth and development in KwaZulu-Natal.” Financial and job creation boost According to Statistics South Africa (Stats SA), the official unemployment rate has risen to 32,9% in the first quarter of 2024, marking an increase of 0,8 percentage points. In response, the South African Automotive Masterplan (SAAM) 2021-2035 aims for South Africa to manufacture 1% of global vehicle production – equivalent to 1,4 million vehicles – a year by 2035. This target is set to significantly enhance the country’s position in global vehicle production rankings. Furthermore, the plan Mpho Parks Tau, South African minister of trade, industry and competition. Spring/Summer 2024 BONUS www.agribonus.co.za 56