Coega proves Eastern Cape remains a preferred investment destination - published 16 Mar 2017
INVESTMENT DESTINATION OF CHOICE: Ariel view of zone 1 and 2 of the Coega IDZ, adjacent to the Port of Ngqura.
Coega proves Eastern Cape remains a preferred investment destination
Coega’s forecast for the current financial year 2016/17 is to finish the year well ahead of targets in terms of new investors – proving that South Africa and the Eastern Cape remain the preferred investment destinations even in difficult economic times, says Dr Ayanda Vilakazi, Head of Marketing and Communications at the Coega Development Corporation (CDC).
Since April 2016, the CDC has signed 13 new investors against a target of 7 – 186% ahead of target. This would bring the investment value for the current financial year to R11,817 billion – 1 032% ahead of the target of R1,145 billion.
“Not only will this translate into 6231 direct jobs over the short to medium term, it also reflects the diversification of the Eastern Cape economy,” says Vilakazi.
He adds that the CDC is seeing another trend with the type of investors they are attracting: They are not predominantly from the automotive sector. Current major investors include a lighting plant, logistics operators, green energy companies, pharmaceutical firms and agro-processors.
“Of course we continue to cater for the automotive sector, with ground already broken for a Beijing Automobile International Corporation (BAIC) plant and another investor setting up a plastic moulding plant for packaging for the automotive and other industries.”
Vilakazi adds that a number of shipping and logistics-related investments are also indicative of a trend of the port of Ngqura coming into its own.
“Another six projects are in the pipeline and may be signed by the end of the financial year,” concludes Vilakazi.