Motor Companies a big boost for Eastern Cape economy

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 General Motors South Africa and Volkswagen South Africa were responsible for the largest Foreign Direct Investment in the Eastern Cape between 2003 and 2013.

Metrominute reports that over the 10-year period, General Motors invested $683.9 million during that time, creating 3 216 jobs in the local economy in the process.

VWSA meanwhile, invested $531.5 million and created 2 896 jobs.

The figures were released by the Eastern Cape Department of Economic Development in the first edition of the Economic Review, a bi-annual report on the state of the economy in the Eastern Cape.

The Review also shows that the manufacturing accounts for the largest share of total Foreign Direct Investment spend of $3.38 billion over the past decade, with this sector generating in excess of 14 700 jobs.

(Source: Metro Minute to subscribe mail metminutes@iafrica.com)