Bonus Tydskrif SPRING SUMMER 2024 FINAL

seeks to double employment in the automotive sector to 240 000 jobs. Aligned with these national objectives, TSAM is committed to elevating its local procurement ratio. Leveraging TTAF’s extensive business expertise and operational efficiency in South Africa, this joint venture will support TSAM’s goal by localising the production of automotive stamped parts. “As a committed corporate citizen operating within South Africa, this collaboration not only aims to bring significant foreign direct investment to our country, but will also create numerous job opportunities and further deepen localisation within our economy, in line with the objectives outlined by the automotive masterplan,” said Kirby. The new partnership is poised to significantly add to local manufacturing with the production of small to medium stamped parts for TSAM. Production is set to commence in July 2025. In addition to this strategic partnership raising TSAM’s local procurement ratio by 2%, translating to an estimated R700 million in annual spend, it will also drive significant job creation, with 250 new jobs expected by 2026. The venture will phase in the sourcing of additional local press parts that are currently imported. This significant step will boost local industry capabilities and economic growth, as well as lead to an increase of 25 000 tons a year in locally procured steel. For more information visit your nearest Toyota dealer or visit www.toyota.co.za. From left to right: Wayne Bowyer, managing director of Toyota Tsusho, Andrew Velleman, CEO of CFAO South Africa, Andrew Kirby, CEO of Toyota SA Motors, Rev Musa Zondi, MEC of EDTEA, Parks Tau, minister of trade industry and competition, Hiroshi Morita, director of Ogihara, and Nigel Ward, executive vice-president of manufacturing at TSAM. www.agribonus.co.za Spring/Summer 2024 BONUS 57