Trade and Industry Minister Rob Davies launched the latest iteration of the Industrial Policy Action Plan (IPAP), the successes of its predecessor were highlighted.
The launch of the ninth iteration of the IPAP also highlighted the impact made by IPAP eight. Under IPAP eight, major automotive sector investments were made.
According to the Department of Trade and Industry (dti), under the Automotive Production and Development Programme (APDP) incentive, R7.8 billion was disbursed, which unlocked R28.5 billion in private investments. These investments from companies like Toyota SA and the Beijing Automobile International Corporation are expected to create approximately 4 720 direct jobs.
When coming to agro-processing, IPAP 2016/17 saw close to R15 billion private sector investment being leveraged through projects by Nestle, AB Inbev, GWK Farm Foods and Citrus and Deciduous Fruit industries.
In addition, a R100 million tomato processing Dursots-All Joy plant was launched in Tzaneen, Limpopo. It will employ 300 people.
Meanwhile, two agri-parks are operating, while six are under construction.
When coming to the clothing, textiles, leather and footwear sector, several jobs have been protected.
The dti said since the inception of the Clothing and Textile Competitiveness Programme, which is a partnership between the dti and IDC, the sector has been supported to the value of R4.2 billion in incentives, where 70 000 jobs have been saved and 9 550 jobs have been created.
The production of footwear saw a growth of over two million pairs in 2016.
Meanwhile, IPAP noted that there is an ongoing effort to build this globally competitive and labour-intensive sector. A total six new projects were approved, with a five year-projected revenue of R4.5 billion. In addition, R193.3 million was disbursed and 10 466 jobs sustained.
South Africa also secured two projects to provide tutor services to learners in Asia via online platform and 688 jobs were created.
When coming to dti incentives schemes, 27 projects were approved under the Black Industrialist Scheme with a value of R577 million.
A total of 27 projects were approved under the Black Industrialist Scheme to the value of R577 million, with a projected investment of R2.5 billion and the creation of a further 5 235 direct jobs and 1 228 indirect jobs.
Under the Manufacturing Competitiveness Enhancement Programme (MCEP) 270 projects were supported, supporting R3.3 billion in investments, which sustained 62 235 jobs.
The programme offers incentives designed to drive growth and promote competitiveness in the manufacturing sector.
Speaking at the launch of the ninth iteration on Monday, Minister Davies said the IPAP is critical to achieving radical economic transformation.
The plan, which is a key component of the Nine-Point Plan, aims to develop a more competitive and diversified economy with a higher global share of products.