The Chief Director of Investment Mobilisation at Invest SA, Mr Lester Bouah, has described the R110 million investment by M-TEC as a symbol of confidence in South Africa’s economy and its commitment to contributing to industrialisation.
Invest SA is an agency of the Department of Trade, Industry and Competition (the dtic). Bouah was speaking at the launch of M-TEC manufacturing plant in Vereeniging. The company manufactures a range of copper products, low and medium voltage power cables and various optical fibre cables.
Bouah said M-TEC’s investment was aligned with the priorities of the South African government’s seventh administration, especially in the areas of localisation, job creation and innovation.
“the dtic’s annual performance plan is targeting a R50 billion increase in the procurement of locally-manufactured goods and services.. We urge MTEC to use this investment to contribute to this import replacement target by increasing its procurement of components and services from local component manufacturers and service providers. We encourage more firms to follow M TEC’s lead in collaborating with the dtic and embracing localisation,” he added.
Bouah described the M-TEC partnership as a great transformation story for South Africa as it embraces the participation of previously disadvantaged professionals into an industry that is still widely white and male dominated.
M-TEC was born out of a partnership between Taihan Cable and Solution, a Korean company, and South Africa’s Community Investment Holdings (CIH), which is headed by eminent business person, Professor Anna Mokgokong. The CIH currently owns a 51% stake in the company.
The partnership that the dtic has with the cables industry is under the auspices of the cables industry manufacturers’ forum, which comprises of the dtic and the Association of Electrical Cables Manufacturers of South Africa (AECMSA). This expansion fulfils the mandate of the forum, which prioritizes localisation and import replacement.
Professor Mokgokong told delegates at the launch that through M-TEC, they hoped to make a contribution in addressing unemployment in the neighbouring areas of the plant in Vereeniging.
“We aim to keep our manufacturing capability busy 24 hoursevery day. This will enable us to feed many mouths and will reduce the social spend of the government in supporting unemployed individuals. We need to get South Africans to work and earn a decent living through honest means. The more procurement opportunities we get, the more jobs we can create and the more revenue can feed the fiscus,” she said.
The Chief Director of Investment Mobilisation at Invest SA, Mr Lester Bouah, addressing attendees at the launch of M-TEC’s new manufacturing plant in Vereeniging.
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