File photo: (David Zalubowski / AP).

JOHANNESBURG - The National Association of Automotive Component and Allied Manufacturers  (NAACAM)  on Friday welcomed the finalisation of a automotive masterplan to support the sector until 2035.

“It is our view that this process has been adequately robust. The end outcome is balanced and in the long-term interests of South Africa as a manufacturer of automotive products," said newly elected NAACAM president Ugo Frigerio, who is also CEO of KAP Automotive.

"We are satisfied that NAACAM’s inputs were fully considered," Frigerio said, adding that the department of trade and industry should be appluaded for "high levels of engagement and evidence-based decision making" in formulating the plan.

The masterplan has set out several objectives, including having a localisation rate of 60 percent and doubling employment in the automative sector by 2035.

It also aims to speed up transformation of the industry with special focus on creating viable black-owned companies as well as promoting skilled black employees in the ranks of senior management at major manufacturers. 

- African News Agency (ANA)