South Africa has attracted a capital investment of $877.77 million to manufacture the next generation of Ford Ranger vehicles by Ford Motor Company of South Africa (FMCSA), APA leant on Friday.
The investment has resulted in all 10 auto component manufacturing companies located in the Tshwane Automotive Special Economic Zone (TASEZ) officially entering into full operation, according to Minister in the Presidency, Mondli Gungubele, during a post-Cabinet briefing.
“The investment by the component manufacturers amounted to $200 million and created 1,259 permanent jobs benefiting youth (76%) and women (32%),” Gungubele said.
TASEZ was set up in 2020 as a special-purpose vehicle production zone with a mandate to create employment opportunities, and promote economic participation for small, medium and micro enterprises in the region.
NM/jn/APA