CAPE TOWN (CU)_For more than a year now, the COVID-19 pandemic has inflicted severe harm on the manufacturing sector of South Africa, with travel restrictions, closure of factories and material shortages leading to sharp decline in output and revenue. This, along with a weak industrial base saw a shrinkage in the industry’s contribution to the country’s Gross Domestic Product (GDP) from at least 22 per cent to about 12 per cent.
Considering these factors, the federal government has launched several efforts to strengthen South Africa’s manufacturing sector, with Finance Minister Enoch Godongwana describing the industry as a key to stimulating the country’s economic growth.
Speaking during the launching of a book on economic transformation and industrial development last week, the Minister noted that under President Cyril Ramaphosa’s Economic Reconstruction and Recovery Plan, industrialisation has been identified as a…
