Proudly South African called on more South Africans to buy local and contribute to the manufacturing sector.
The company commissioned a report by economist Dr Iraj Abedian on South Africa’s manufacturing sector.
“The 60-page study identifies the sector’s potential in boosting the country’s development, especially on the back of the Covid-19 pandemic and over and above pre-existing challenges”, ProudlySA said.
“The report finds that a process of de-globalisation is at play, partly driven by ongoing global supply chain disruptions, highlighting the need for increased localisation as a means of expansion, security and survival for specific industries.”
It should be noted that the economic report goes further and includes investment scenarios.
Specifically the report showed that a mere 10% increase in investment spending in the manufacturing sector could lead to major gains for the SA economy.
This is what a 10% increase in investment in the sector would create:
- 13% GDP growth
- 8% more jobs created
- 8.3% overall boost to investment across the economy
- 9% jump in tax revenues
BUT WHAT ABOUT JOBS?
Calculations of actual numbers of jobs created across all skill levels reveal potential medium-term gains of:
- 75 300 new jobs in manufacturing
- 11 500 new jobs in mining
- 10 100 new jobs in agriculture
Happy MaKhumalo Ngidi, Chief Marketing Officer at ProudlySA spoke this week at the launch of the report about how small business need to be included in addressing the investment opportunities in the manufacturing space.
She emphasised that we as a people need to absorb the findings of this report in order to develop this economy.
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Ngidi said that we as consumers need to think about always looking for an SA alternative to the products we need.
Dr Abedian said that no country is going to perfect at everything and when it comes to manufacturing what is vital is linking small businesses into the value chain on the manufacturing sector.
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