The Department of Trade and Industry (DTI) said in a statement on Allafrica.com that the Manufacturing Competitiveness Enhancement Programme (MCEP) received 187 projects with grant requests totaling R2.3b. Of these, 60 projects have been approved with commitments of over R300m.
DTI Minister Rob Davies launched MCEP earlier this year as a package of incentives for established manufacturers. It aims to promote competitiveness and ensure job retention. Davies says that the incentives have been designed to improve the general ability of the South African manufacturing industry to compete against imports while outrunning competitors in global export markets.
"We're taking a leaf out of the books of [Asia's fast-growing emerging economies who have] relied on the manufacturing sector to drive economic growth and ... raise competitiveness in [the] manufacturing sectors," Davies said. The DTI said in its Allafrica.com statement that MCEP aims to enhance the competitiveness of manufacturing sectors impacted by the currency, the global economic crisis and escalating electricity costs.
Read the full article