The Department of Trade, Industry and Competition has prioritised building local industry capacity for the South African market, highlighting a growing need for organisations to promote localisation within the manufacturing sector.
This, according to the department, is a crucial step towards reducing unemployment, improving skills development, and enhancing local demand through high-quality services and solutions.
According to President Cyril Ramaphosa recently, localisation is a key part of economic reconstruction and recovery, and this is echoed by the World Bank, which pointed out that export-oriented industrialisation has failed to deliver on economic and unemployment promise.
In addition, the organisation underscored the value of driving structural transformation through the combination of localised policy development that aligns local challenges and complexities with global market demand.
Amith Singh, manufacturing manager at Nedbank, said the banking group has a clearly defined commitment to the manufacturing sector and to creating solutions that align with their unique needs and expectations.
“We know that there is no such thing as a one-size-fits-all approach with our clients and that it is important to understand the market they operate in, their off-takers, and their trade partners, and then provide services that sit firmly at the table with them,” said Singh.
According to Singh, providing a strategic advisory and rich understanding ensures that Nedbank can guide manufacturers successfully down the road to localisation and help them to capitalise on its potential and the resultant growth.
“As a result, Nedbank has developed agile funding systems and solutions that are easily tailored to what the manufacturing sector requires, offering multiple ways of looking at investment and solution development that will ignite growth and transform localisation.”
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