The Southern African Customs Union (SACU) eyes automotive and green mineral value chains to drive jobs and economic growth.
This was revealed during the four-day 5th SACU Task Team on Automotive and Green Mineral Beneficiation held at the Happy Valley Hotel yesterday.
The task team is exploring ways in which the automotive and green mineral beneficiation value chains can unlock opportunities that link mineral resources to vehicle manufacturing, expand regional capacity and position SACU economies to participate more effectively in international markets.
SACU Task Team Chairperson Sibu Khumalo said with the African Continental Free Trade Area (AfCFTA) in place and volatility in international markets, it was now the right time to strengthen the region’s trade relations within Africa and the globe.
He said the task team would continue with its work at a time when pivotal moments in the world are characterised by high trade tensions, including the continued conflicts involving Israel and Lebanon, as well as the United States and Iran.
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Khumalo said this posed a significant risk to everyone; hence the need to emphasise that the SACU market is too small to adopt an inward-looking strategy.
He said regional and continental integration was indispensable to build the resilience needed to adapt to new realities.
To SACU economies that are largely reliant on commodity exports and regional trade, he said the trends presented both challenges and opportunities.
He said external shocks and supply chain disruptions highlight the need for economic diversification, regional integration and resilient economic systems.
“Our vision remains clear, that resilience, unity and value addition are important with the view of fostering economic development and promoting economic growth to create employment,” said Khumalo.
