R11bn Coega investment in jeopardy

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
Coega (Supplied)
Coega (Supplied)

The completion deadline for South Africa’s largest motor investment in 40 years will most likely be missed following disagreements between small local businesses and the main contractor over the allocation of work.

This adds to the note of gloom following the announcement by General Motors SA last month that it would exit the country before the end of the year, resulting in the loss of more than 500 jobs.

The R11 billion car plant at the Coega industrial development zone in Port Elizabeth, a joint initiative between China’s Beijing Automotive International Corporation (BAIC), which is the majority shareholder with a 65% stake, and the Industrial Development Corporation (IDC) is a product of 26 bilateral agreements signed between China and South Africa in 2015.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
16.14
-1.3%
Rand - Pound
21.36
-0.4%
Rand - Euro
18.26
-0.4%
Rand - Aus dollar
11.30
-0.5%
Rand - Yen
0.14
-0.4%
Gold
1,783.48
0.0%
Silver
22.55
0.0%
Palladium
1,816.00
0.0%
Platinum
936.31
0.0%
Brent Crude
69.88
+0.3%
Top 40
64,307
-0.4%
All Share
70,808
-0.3%
Resource 10
66,503
-1.6%
Industrial 25
93,791
+0.1%
Financial 15
13,982
+0.7%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot