Coega remains without an anchor tenant
LEONARD NEILL
THE FACT that no investor has to date made a positive decision to invest in any of South Africa’s Industrial Development Zones (IDZs) cannot be blamed on any authority in this country. Instead, South Africa mirrors trends in the rest of the African continent, says CEO of Coega Development Corporation CEO Pepi Silinga.
Part of the failure of IDZs to secure investors is because global foreign direct investment (FDI) appears to favour countries other than those in Africa, he says. No African country appears in the top 30 list of FDI recipients worldwide according to a UN report in his possession.
His own company is struggling to entice investors to the new multi-million rand Coega harbour, he says. Silinga has also criticised local corporations and other investors for showing little interest in the Coega project.
Making these statements at the recent release of the CDC’s latest report, Silinga said he was still optimistic that there would be a move from some source in the near future to locate to the IDZ. He has listed a range of potential investors, totalling an anticipated R23,7billion. The list includes Canadian aluminium group Alcan, which will make a final decision on a proposed R15billion smelter later this year.
