By Daniel Itai, Pretoria, South Africa
Lionel October, Director-General in the Ministry of Trade, Industry and Competition has expressed optimism in the country’s industrial sector.
October has since said the southern African country is on track in revamping its commercial sector.
“We have already started the commencement of 18 new factories in Pretoria which includes Ford as a way of revitalising our economy.
Moreover, the South African economy has expanded by two and a half times in the last ten years, we now have a GDP of R5 trillion so we have to remain positive regardless, corruption has taken a ripple effect on some sectors of our economy.
However, we now need to focus on the future and our recovery we have seen Mercedes Benz, Isuzu and Volkswagen coming into our country. We are now working on changing consumption spending into investment,” said October.
Later on today, President, Cyril Ramaphosa, is expected to deliberate the South Africa Reconstruction and Recovery Plan which is aimed at recovering the economy and creating employment.