Coega economic zone exceeds mid-year targets

JOHANNESBURG, (CAJ News) – THE Coega Development Corporation (CDC) is anticipating new investors to contribute R343, 4 million (US$26 million) into the Eastern Cape economy.
CDC, which released its mid-year investment performance report on Monday, highlighted it has signed eight new investors, higher than a target of three for the period.
The first six months of the 2017/18 financial year have been challenging with the country plunging into a recession in the first quarter but the organisation still managed to exceed its half-yearly performance targets.
The names of the new investors signed would be released soon.
Last year, the CDC signed 16 new investors against a target of seven.
Total investment contribution by 16 new investors signed last year was R11, 685 billion contributing approximately 0,23 percent to the Province Gross Value added (GVA).
Furthermore, investors operating in the Coega special economic zone increased their workforce by 69 percent in the last financial year contributing to reducing unemployment.
The new investors form part of the CDC’s core targeted areas and are derived from a hybrid of sectors which include logistics, agro progressing, metals and chemicals.
“We are keeping our cards close to our chests, with an announcement on the names of the investors to be made soon,” said Dr Ayanda Vilakazi, CDC’s Head of Marketing, Brand and Corporate Communications.
He said the positive sentiments in the market encouraged CDC.
“…more so by the ever hard working men and women who, every day of their lives, dedicate their time and skills to see the Coega SEZ achieves great strides in attracting new investors into the region.”
Established in 1999 and wholly owned by the South African Government, CDC is the operator of the Coega Industrial Development Zone in Nelson Mandela Bay.
To date, it has enabled the creation of 102 794 direct and indirect jobs since inception. Currently, there are 40 operational investors in the Coega SEZ with investment value of R6, 996 billion.
Investment portfolio is in excess of R181-billion.
– CAJ News


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Posted by on Sep 18 2017. Filed under Africa & World, Featured, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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