Nissan logo is seen at the automaker's showroom in Tokyo, Monday, April 8, 2019. AP Photo/Shuji Kajiyama

PRETORIA  - Japanese multinational automobile manufacturer  Nissan on Wednesday announced a R3bn investment for the manufacturing of a new Nissan Navara at its plant in Rosslyn, North of Pretoria.

The production will result in a creation of 1 200 fulltime jobs with the cars designed for local and export markets.

The automotive industry contributes 6.9 percent to GDP, which accounts for 30.1% of manufacturing output and 13,9% of total exports.

The sector employs more than 110 000 people in vehicle and component manufacturing and averages annual investment of R12.2 billion. 

Nissan’s investment is the first significant commitment by an automaker since international firms agreed with the government late last year to extend a manufacturing incentive program through 2035.

Led by President Ramaphosa, the conference generated a total of R290 billion in new investments, with the automotive sector accounting for R40 billion over the next five years.

These projects are reinforcing South Africa’s ambition to attract R1,4 trillion in domestic and international investment over a period of five years.

President Ramaphosa has called for all roleplayers in government, civil society and business to collaborate in reigniting inclusive growth and pursuing greater levels of investment that will create employment and reduce inequality and poverty.

- African News Agency (ANA)