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Manufacturing sector set to thrive with sustainable financial support

Manufacturing sector set to thrive with sustainable financial support
29-03-22 / By Duty Editor

Manufacturing sector set to thrive with sustainable financial support

Johannesburg - Nedbank has today announced the launch of its bespoke offering to the manufacturing sector aimed at supporting the drive to grow the economy and create jobs.

The bank said South African manufacturing production has seen a 12,5% year-on-year increase, driven largely by the automotive, metal products, food-and-beverage, and furniture sectors, and it marks upward momentum for the sector despite the ongoing impact of the pandemic and is in line with the global trend for manufacturing as a whole. Considered the engine room of the South African economy, manufacturing is key to growth and employment for the country, and requires consistent financial support to ensure that current growth remains sustainable. 

'Manufacturing is one of the engines of the South African economy and is the country’s fourth-largest industry, contributing 14% to its gross domestic product or GDP,’ says Prithi Pillay, Head of Client Value Propositions at Nedbank Business Banking. ‘To cement its position and further its growth, it’s essential to develop innovative and enhance bespoke solutions that allow for financial institutions to partner with the sector.'

Nedbank said there are four key pillars that will support the growth of manufacturing and the country: technology, global expansion, growth and sustainability. And to ensure that these pillars form part of the foundational development of the sector, financial institutions need to develop and refine offerings that show a deep understanding of the sector players’ unique pain points, strategies and aspirations. 

Nedbank said its manufacturing proposition pivots around the nuances of both the client and sector, which is premised on developing strategic partnerships with key industry stakeholders, the offering will provide tailor-made solutions to these key industries and as well as proactive engagements and insights that drive business growth.

'Our new manufacturing proposition is aimed at simplifying the complexities associated with financial decisions, in that way making it easier and quicker for clients to make informed decisions. We give clients access to in-depth industry insights aimed at enhancing energy, production and administrative efficiencies, as well as access to a network of industry experts to support their growth and protect their manufacturing business,' adds Pillay. 

The offering is aligned with the National Development Plan 2030, which requires collaborative engagements across sectors and industries for its goals to be achieved. By embedding long-lasting relationships, expertise, insights and financial advisory in the offering, Nedbank is ensuring that the industry has immediate and relevant access to the right support, at the right time.

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