Coega rakes in R4.1bn in new investments

The Coega Development Corporation (CDC) has exceeded its targets for 2012 raking in a whopping R4.1 billion in new investments in the financial year that ended in March this year. The organisation’s chief executive, Pepi Silinga, last week said current value of operating investments and those in the pipeline now exceeded R15 billion. “The past year has been very positive for the corporation despite several challenges, including the European debt crisis, electricity shortages delaying committed projects in the wake of funding scarcities, and reduced commitments from power suppliers.” Silinga said the CDC planned to build on the momentum. “The aim is critical mass. Initially, we believed that a single big investor would give Coega a boost towards its long-term viability, but it has become obvious as the industrial development zone (IDZ) has developed that this approach has limitations.” Speaking at the Africa Ports Evolution Forum in Cape Town, Rajesh Dana, port manager for the Port of Port Elizabeth, said there was much optimism around the Port of Ngqura and the surrounding area. With a total of seven investments secured in the past financial year by the CDC that started with self-generated revenue of less than R10 million in 2004, there was no denying the attractiveness of Coega, he said. According to the CDC, it has signed 36 lease agreements already with investors for the IDZ and the Nelson Mandela Bay Logistics Park that will be situated at the port. “There are many opportunities around the Port of Ngqura that will benefit the entire Eastern Cape region,” said Dana. “It may be the new kid on the block, but this port along with that of Port Elizabeth are catalysts for economic growth.” CAPTION Rajesh Dana ... catalysts for economic growth.