According to a report on the Bloomberg website on November 30, South African retailers Foschini Group and Woolworths are increasing investment in local clothing manufacturers to reduce their reliance on imported clothing from China and ensure that due to the new crown epidemic Supply chains thrown into disarray by epidemic restrictions. The two companies signed an industry plan that includes a target to source 65% of needed goods from local manufacturers over the next decade.
President Ramaphosa hopes to revitalize the country’s manufacturing industry and rebuilding the industry will help achieve the goal of creating jobs and alleviate the official highest economic growth rate in 17 years. unemployment rate. Analysts believe it is now a trend for retailers to increasingly buy locally. But South Africa has been unable to fully revive the industry as local retailers “are unable to replace all product ranges”. The industry also faces shortages of skilled workers and raw materials, and revitalizing the industry means significant upfront investment.
