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New investments in Nelson Mandela Bay to create more than 2 000 jobs

Jul 26 2019 20:31
Lameez Omarjee, Fin24

A total of R2.6bn new investments have been signed at the Coega Special Economic Zone, with expectations that they would create more than 2 000 jobs.

The Coega Development Corporation (CDC) on Thursday announced it secured an additional 18 investors for the 2018/19 financial year for the economic zone located in Nelson Mandela Bay. Of the total investments, R1bn are sourced from the private sector, the CDC said in a statement.

The total investment of R2.6bn exceeds the target of R693m. Of the new investments 18% originate from China.

"Based on the new investments signed in the past financial year, our conservative estimations are that in excess of 2 073 jobs will be created," said Dr Ayanda Vilakazi, head of the CDC marketing, brand and corporate communications. These new jobs will be in addition to the 7 815 who will be working at the special economic zone on a daily basis.

The largest share of investments, R848m, were committed to Coega's aquaculture development zone. The private sector aquaculture investment projects include an abalone farm and a land-based aquaculture farming facility, the CDC said.

Investments of R760m are allocated to the metals sector and are for a copper smelting plant and a heavy engineering plant for steel rail wheels.

A total of R362m was secured for energy from a Chinese firm which is involved in the manufacturing of solar photovoltaic cells.

The remaining investments of R580m were secured for automotive, chemical engineering, food and beverages, manufacturing and recycling industries.

coega  |  special economic zone  |  economy
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