SISEKO NJOBENI: Investment in skills must be a priority, says Bridgestone SA chief
The state of SA manufacturing has been dire for a while now, pointing to deep-seated structural problems in the economy. Cheap imports, higher VAT and low consumer and business confidence have made the outlook bleaker. A vibrant manufacturing sector accelerates growth and development due to its job-creation potential and ability to stimulate other sectors, such as services. Most importantly, manufacturing supports innovation and the shift towards a knowledge-based economy. The seasonally adjusted Absa purchasing managers’ index (PMI) slipped from 51.5 points recorded in July to 43.4 in August, the lowest level in just more than a year. Despite reduced output, as indicated by the PMI, Gavin Young, CEO of Bridgestone SA, says there are big opportunities in manufacturing locally. Business Day asked him about the nature of the opportunities for the company.
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