June 28, 2017 / 2:50 PM / 3 months ago

South Africa car industry pledges to boost black-owned firms

JOHANNESBURG, June 28 (Reuters) - South Africa’s vehicle manufacturers aim to increase the share of industry production by black-owned companies to 60 percent by 2035, from 38 percent now, an industry body said on Wednesday.

The announcement comes as President Jacob Zuma and the ruling African National Congress calls for ‘radical economic transformation’ to redress inequality in business between black and white South Africans.

The National Association of Automobile Manufacturers (NAMMSA) of South Africa said it was supportive of increasing black South African industry ownership but it wanted policy certainty.

NAMMSA said it wanted to double annual vehicle production to 1.4 million by 2035. (Reporting by Mfuneko Toyana; Writing by Joe Brock; Editing by James Macharia)

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