Coega a springboard to the rest of Africa
20 February 2019 | Web Article Number: ME201913628
IN an effort to encourage growth in Foreign Direct Investment (FDI) flows for the Sub Saharan region, the Coega Special Economic Zone (SEZ) has dedicated much of its long-term strategy to focus on investment opportunities, which will secure a firm position for Africa globally.
That’s according to Dr Ayanda Vilakazi, unit head brand, marketing and communications for the Coega Development Corporation (CDC), adding that the SEZ’s strategic location and adjacency to the deepwater Port of Ngqura had seen it become a springboard to investors looking to explore the greater African market.
“Our location is unique. It provides an opportunity for potential investors to penetrate the African market,” Vilakazi said.
This had led to the Coega SEZ becoming home to various leading Fortune 500 companies seeking access to a wider market. The CDC, currently home to 43 operational investors with an investment portfolio in excess of R7 billion boasts. A number of them are actively engaged in the African market.
“The story of First Automotive Works (FAW) SA is one we are very proud of. We celebrate the success they have had in the African market with some of their trucks proving to be customer favourites in Tanzania and the wider SADAC market,” he said. Another heavyweight company, BAIC SA has invested R11 billion.
Late last year, the Coega SEZ announced the inclusion of Hella – a Germany-based lighting and electronics specialist. Hella announced its intentions to embark on a strategic decision with their operations in Sub-Saharan Africa that will enable them to serve as the gateway into Africa.
The company is set to start operating out of its R30-million new facility by the middle of this year.