Almost R3bn invested in Coega IDZ, but room for more

There is a lot of potential for investor growth at the Coega Development Corporation (CDC) industrial development zone (IDZ) in Eastern Cape, says Deputy Minister of Energy Thembisile Majola.

In the 2014/15 financial year, the CDC contributed 14 623 direct jobs to the South African economy; it also has 29 operating investors with an investment value of more than R2.7 billion.

Speaking at a briefing about the Department of Trade and Industry's incentive scheme to support the creation of large and competitive black industrialists, Majola said the money could spill over to fund other projects.

"Even though there is no allocation as to where the money will be spent in the country, what the Eastern Cape receives from this scheme will depend on how many entrepreneurs can be developed," Majola said.

The head of the provincial department of economic development, environmental affairs and tourism,  Sakhumzi Somyo, said there was high growth and interest in energy projects in the IDZ energy cluster.

"The manufacturing capability of wind turbine stands guarantees South Africa's relevance in the energy mix. The renewable energy mix provided by Coega can create the need for technology and related infrastructure," he said.
SAnews.gov