THE Coega Development Corporation has signed a R11bn investment deal with the Beijing Automobile International Corporation for a completely knocked down automotive manufacturing plant in the Coega Industrial Development Zone (IDZ).
Trade and Industry Minister Rob Davies said in a media statement the investment was "significant" and deepened SA’s economic relationship with China.
"The size of this investment demonstrates confidence by China and confidence in South Africa as an investment destination. The investment is strategic and is a major project in terms of our bilateral relationship and a key project supported by the Interministerial Committee on Investment", the minister said.
He added that the project positions the Eastern Cape as an automotive hub and has the potential of deepening the component supply chain, job creation and economic development.
The Coega IDZ which is adjacent to the Port of Ngqura and a few kilometres from Port Elizabeth harbour, is the only IDZ to be designated with a custom control area enabling qualifying investors to benefit from customs duty and VAT incentives.
Over the last four years the Coega Development Corporation has signed up 54 new investors with a combined investment value of R31.9bn.
Picture ROBERT TSHABALALA
THE Coega Development Corporation has signed a R11bn investment deal with the Beijing Automobile International Corporation for a completely knocked down automotive manufacturing plant in the Coega Industrial Development Zone (IDZ).
Trade and Industry Minister Rob Davies said in a media statement the investment was "significant" and deepened SA’s economic relationship with China.
"The size of this investment demonstrates confidence by China and confidence in South Africa as an investment destination. The investment is strategic and is a major project in terms of our bilateral relationship and a key project supported by the Interministerial Committee on Investment", the minister said.
He added that the project positions the Eastern Cape as an automotive hub and has the potential of deepening the component supply chain, job creation and economic development.
The Coega IDZ which is adjacent to the Port of Ngqura and a few kilometres from Port Elizabeth harbour, is the only IDZ to be designated with a custom control area enabling qualifying investors to benefit from customs duty and VAT incentives.
Over the last four years the Coega Development Corporation has signed up 54 new investors with a combined investment value of R31.9bn.
