Projects worth R1 billion ready for implementation

2017-04-12 06:00
An aerial overview landscape of investors in the Coega IDZ Zone 1 and parts of Zone 2. The CDC has secured a total of 16 investors with a combined investment value of R11.7 billion in the last financial year.                                             Photo:SUPPLIED

An aerial overview landscape of investors in the Coega IDZ Zone 1 and parts of Zone 2. The CDC has secured a total of 16 investors with a combined investment value of R11.7 billion in the last financial year. Photo:SUPPLIED

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THE Coega Development Corporation (CDC) announced on April 5 that investment projects worth over R1 billion are ready for implementation in the Coega IDZ from April 2017.

This announcement follows the unaudited results of what has been another successful financial year for the organisation in which the CDC proved its fortitude as a leader in investment attraction by securing a total of 16 investors with a combined investment value of R11.7 billion.

“The metals and manufacturing industrial sector of the Coega IDZ will soon roll out three investment projects, where the first project’s site handover is planned for April 2017,” said Sadick Davids, CDC Business Development Manager, Metal and Manufacturing.

The following are the three investment projects currently in the process of implementation:

. A R650 million manufacturing cement grinding plant

. A R71 million ready mix concrete plant

. A R350 million gas cylinder plant.

“Some of the aforementioned investment projects are owned by previously disadvantaged people, particularly women. Therefore, the CDC is proud to be among government institutions who continue to support programmes that contribute towards the industrialisation and economic transformation of the people that come from previously marginalised communities,” added Davids.

The Coega IDZ’s metals and manufacturing sector has grown in stature. The aforementioned investment projects will ascend the CDC to new heights, as a catalyst for championing of the socioeconomic development in the Eastern Cape and South Africa at large.

They would accumulatively see over 401 direct jobs created as well as 2 472 construction jobs.

Dr Ayanda Vilakazi, CDC unit head for marketing and communications, said that the implementation of these investment projects is evidence of the CDC’s commitment to advancing the socioeconomic development of the EC province.

The CDC has, through all its investment projects in the IDZ and Infrastructure Development Programmes, created a total of more than 83 405 jobs in the past eight years.

However, it is projected that the organisation will for the first time in 16 years exceed 100 000 jobs created by the end of the 2016/17 financial year.

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