Vereeniging: The Chief Director of Investment Mobilisation at Invest SA, Lester Bouah, has described the R110 million investment by M-TEC as a symbol of confidence in South Africa’s economy and its commitment to contributing to industrialisation. M-TEC manufactures a range of copper products, low- and medium-voltage power cables, and various optical fibre cables. Invest SA is an agency of the Department of Trade, Industry and Competition (the dtic).
According to South African Government News Agency, Bouah highlighted at the launch of the M-TEC manufacturing plant in Vereeniging, Gauteng, that this investment aligns with the priorities of the South African government’s seventh administration, particularly in areas such as localisation, job creation, and innovation. The annual performance plan of the Department of Trade, Industry and Competition aims for a R50 billion increase in the procurement of locally-manufactured goods and services. M-TEC is urged to contribute to this import replacement target by increasing its procurement of components and services from local manufacturers and providers. Bouah encouraged more firms to collaborate with the dtic and embrace localisation.
The partnership between M-TEC, born out of a collaboration between Taihan Cable and Solution, a Korean company, and South Africa’s Community Investment Holdings (CIH), is seen as a transformation story for South Africa. The CIH, headed by business person Professor Anna Mokgokong, owns a 51% stake in M-TEC. The partnership is under the auspices of the Cables Industry Manufacturers’ Forum, which includes the dtic and the Association of Electrical Cables Manufacturers of South Africa. This expansion supports the forum’s mandate, prioritising localisation and import replacement.
Professor Mokgokong expressed hopes that M-TEC would help address unemployment in areas surrounding the plant in Vereeniging. She stated their aim to keep the manufacturing capability operational 24 hours a day, which would help feed many mouths and reduce government social spending on unemployed individuals. By increasing procurement opportunities, M-TEC hopes to create jobs and generate revenue that benefits the fiscus.
