South Africa’s Department of Trade and Industry (DTI) has approved incentives worth US$295.3mn for 436 companies under its manufacturing competitiveness enhancement programme (MCEP)
According to local news agency southafrica.info, total investments in these 436 companies amount to about US$1.28bn.
South Africa's trade and industry minister Rob Davies said the MCEP has given priority to green technology initiatives and business development activities that result in cleaner production and resource efficiencies.
“Twenty six of the enterprises that got incentives since the launch of the MCEP are those which use clean energy. They have got total grants worth US$27.3mn,” Davies said.
Davies added that the incentives under the MCEP would help sustain 116,000 jobs in South Africa.
Started in May 2012, the MCEP has reportedly been designed to help businesses cope with challenges such as poor market demand, high input (including electricity and transport) costs, competition from cheap imports and economic uncertainties.
The DTI said the programme also included incentives for experienced players in South Africa’s manufacturing industry, to improve their competitiveness in the global arena.