Deputy Trade and Industry Minister Bulelani Magwanishe launched a multi-million rand firm, Microfinish Automotive, in Pinetown, KwaZulu-Natal on Friday.
“Being one of the beneficiaries, Microfinish alongside 16 other black industrialists manufacturers will inject R1 billion and create 2400 direct jobs and 1700 indirect jobs in the KwaZulu-Natal region. It also contributes to improved production efficiency, job creation and global competiveness,” said Magwanishe.
The department of trade and industry (dti) said that Microfinish, an automotive valve guide and valve seat manufacturer, was co-funded by the dti Black Industrialists Scheme (BIS) and KwaZulu-Natal Growth Fund.
Magwanishe said Microfinish is evidence that the Black Industrialist (BI) Programme is succeeding and transforming the economic landscape of the country.
He said that the project strengthened the capability of components manufactured to support the automotive sector.
“We are confident that KwaZulu-Natal provincial initiatives, such as Operation Vula will continue to pay a positive role in providing procurement opportunities to other Black Industrialists. Therefore, in our BI projects lies a renewed affirmation in job creation and social economic transformation,” said Magwanishe.
Managing Director of Microfinish, Brian Naidoo, said as a company their social objective was to invest in the development of their staff; to increase employment in South Africa; and to support the localisation and empowerment initiatives that have been mandated by government.
“Hard work, dedication, commitment and financial support are what it has taken to get this facility up to the world class standard that is today. The international exposure received through interventions and collaboration with the dti is indicative of the expanding footprint South Africa has in the global market. Microfinish is grateful for this as most of our business is export,” said Naidoo.
“We hope to report on securing partnerships in the not too distant future and strengthen relations in the local market.” (via African News Agency)