Dr Mathews Phosa, businessman and lawyer, has been appointed as the chairman of the new business.
Paramount Group, the African-based global defence and aerospace group, has announced the establishment of Paramount South Africa, a transformed black-owned enterprise that is designed to provide the future capability requirements of South Africa’s defence, police, border and peacekeeping forces, while driving the resurgence of the local industry.
The announcement was made at Africa’s largest defence and aerospace exhibition (AAD 2018), which took place from 19-23 September at Waterkloof Air Force base, outside Pretoria.
Paramount South Africa is a significant and sustainable black-owned industrial enterprise that will support the growth and transformation in the South African defence industry.
Dr Mathews Phosa, businessman and lawyer, has been appointed as the chairman of the new business, which has the primary objective of building an industrial entity, through strategic acquisitions and business development, to provide the capability that is required by South Africa.
Dr Phosa said: “Change can no longer wait. The local industry can no longer indulge itself by doing the same things over again and expecting a different outcome. Paramount South Africa will be embarking on an investment and acquisitions drive, and technology transfer that will recharge South Africa’s defence industry.
Paramount South Africa will thus bolster the capability of local end-users by delivering programmes for the South African market across the naval, aerospace, land systems, cyber, internal security, customs and excise, border security and anti-poaching domains.
Ivor Ichikowitz, founder and executive chairman of Paramount Group, stated: “Paramount South Africa will be fully backed by Paramount Group’s global competence through its comprehensive product and solutions portfolio, highly skilled workforce, and latest technological advancements.
“This technological and industrial competence will be transferred to Paramount SA on a project by project basis to create its own long-term sustainability. We have created a business that represents all the wider group’s interests, and that is specifically designed to engage with the various South African end-users.”
Paramount South Africa will also be providing training and support for technical personnel in both the maritime and aerospace sectors.
Ichikowitz added: “We are very privileged that Dr Phosa has agreed to join Paramount SA as its chairman. He has shared our interest in defence for many years; he is a natural partner for us and has the vision to make a significant impact on the local industry.”