Coega eyes its share of the African FDI pie
22 November 2018 | Web Article Number: ME201812803
WITH positive growth in Foreign Direct Investment (FDI) projects within the Sub-Saharan region predicted by a number of economists, the Coega Special Economic Zone (SEZ) believes it’s well positioned to carve out a sizeable slice of the FDI pie.
That’s according to Ayanda Vilakazi, the Coega Development Corporation’s unit head Brand, Marketing & Communications, who added that the SEZ currently has 43 operational investors and boasts an investment portfolio in excess of R7 billion with R5.9 billion accounted for by foreign direct investors.
“Demonstrating the concentration of activity of FDI, within the Coega SEZ, various projects are currently under construction with a combined value of over R12 billion,” Vilakazi said.
“The CDC’s vast array of sectors make it easy for potential investors to make the SEZ their home. Currently, the SEZ is occupied with new projects under construction, resulting from a diverse range of sectors, including steel/metals – Osho Cement (R600 million investment), pharmaceuticals - Akacia Medical (R100 million) and automotive – HELLA (R53 million).”
The zone is home to some of the major FDI projects in the African continent, including the R11-billion BAIC investment (China), which is also under construction. This is complemented by two existing operational flagship projects - the 342 MW Dedisa Power Peaking Plant (France), a R3.5-billion investment and another R600 million investment by First Automotive Works (FAW).
“Whilst the Coega SEZ is home to a number of companies, which have contributed towards the socio-economic development of the Eastern Cape, it is just the tip of a bigger vision… to strategically place the entire continent at the heart of strong and leading economies of the world. This can be achieved through aggressive FDI attractin,” Vilikazi said.