SEZ gaining momentum ahead of new financial year
12 February 2020 | Web Article Number: ME202017854
THE Coega Development Corporation predicts that it will finish the current financial year well ahead of targets in terms of new investors, proving that South Africa and the Eastern Cape remain the preferred investment destination even in difficult economic times.
That’s according to the corporation’s Head of Marketing, Brand and Communications, Dr Ayanda Vilakazi, who said that since March 2019, the CDC had signed four new lease agreements with various organisations who will be investing more than R110 million.
Vilikazi added that In the 2019/20 period, CDC created 15 934 Jobs (7 815 cumulative operational jobs and 8 016 construction jobs). Since inception in 1999, the organisation has created 120 990 jobs. In addition, the CDC has 45 operational investors with a combined investment value of R11.579 billion in private sector investment and R9.53 billion in Foreign Direct Investment (FDI).
“Off critical importance for the CDC are the project’s contribution towards socio-economic development” said Vilakazi
Currently major investors include BAIC SA (R11 billion), Dedisa Power Peaking Plant (R3.5 billion), FAW SA (R600 million) and CEMZA (R600 million).
“Not only does it translate to job creation in the region over the short to medium term but also reflects on the diversification of the Eastern Cape economy.”
The CDC has also taken on a number of projects outside of the Special Economic Zone (SEZ) through its infrastructure development programme with the objective of expediting service delivery to South African citizens on behalf of the government.
“The organisation is optimistic that this year will once again highlight the Coega SEZ as a prime investment destination of choice accumulating several projects coming to the Nelson Mandela Bay,” Vilakazi said.