The pandemic has disturbed global production chains, so strengthening local chains will ensure supply, boost the country’s manufacturing capacity and inspire innovation.
“A crisis either breaks something down or creates unity. So this crisis can convert us into a country or a nation. By that I mean where the pieces work together, not just a country where everyone does their own thing,” says Professor Nick Binedell from the Gordon Institute of Business Science.
George Glynos, co-founder and head of research at financial market and analysis firm ETM Analytics, said the need to save money will drive “the principle of trying to do as much as possible with the least amount of resources”. Petrus de Kock, general manager of research at Brand South Africa, said there are two ways buying local can help. He said the pandemic has disturbed global production chains, so strengthening local chains will ensure supply. This will also boost the country’s manufacturing capacity and inspire innovation.
“Executives are going to find innovative ways of conducting business that reduce the cost structure of doing business,” Glynos said. This will result in job losses. He added that working from home will remain in place and retail chains are going to shift towards online models because it would be expensive to keep their staff in an office space.
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