The South African Government says United States retail giant Walmart’s investment is an expression of confidence in the country.
Walmart, which owns a majority stake in Massmart and has stores such as Game and Makro in South Africa, announced that plans are already in place to open its first branded stores by the end of the year.
The decision comes after Walmart held its first summit in April, which featured suppliers from 12 countries across Africa with incredible innovations and products made, grown, or assembled in Africa.
Walmart CEO Kath McLay said their South African stores will offer a wide range of merchandise, including fresh groceries, household essentials, apparel and technology.
“Walmart also will offer a variety of locally sourced products. By partnering with South African suppliers and entrepreneurs, Walmart will bring its signature Every Day Low Prices and global standards to the market, while celebrating the country’s rich culture,” she said.
Following the announcement, the South African Government welcomed Walmart’s investment as an expression of confidence in the country, saying the investment underscores a strong belief in the country’s economic trajectory and confirmation that South Africa remains a reliable investment destination.
“This announcement comes in the footsteps of Walmart’s first growth summit that was held in South Africa that resulted in the company recruiting small and medium-sized suppliers from South Africa and the rest of the African continent.
“Walmart’s commitment to sourcing locally produced products will contribute to the growth of the economy and job creation, which are apex priorities of the government’s medium term development plan (MTDP),” Deputy Government Spokesperson William Baloyi said.
