New investments in Nelson Mandela Bay to create more than 2 000 jobs

A total of R2.6bn new investments have been signed at the Coega Special Economic Zone, with expectations that they would create more than 2 000 jobs.

The Coega Development Corporation (CDC) on Thursday announced it secured an additional 18 investors for the 2018/19 financial year for the economic zone located in Nelson Mandela Bay. Of the total investments, R1bn are sourced from the private sector, the CDC said in a statement.

The total investment of R2.6bn exceeds the target of R693m. Of the new investments 18% originate from China.

“Based on the new investments signed in the past financial year, our conservative estimations are that in excess of 2 073 jobs will be created,” said Dr Ayanda Vilakazi, head of the CDC marketing, brand and corporate communications. These new jobs will be in addition to the 7 815 who will be working at the special economic zone on a daily basis.

The largest share of investments, R848m, were committed to Coega’s aquaculture development zone. The private sector aquaculture investment projects include an abalone farm and a land-based aquaculture farming facility, the CDC said.

Investments of R760m are allocated to the metals sector and are for a copper smelting plant and a heavy engineering plant for steel rail wheels.

A total of R362m was secured for energy from a Chinese firm which is involved in the manufacturing of solar photovoltaic cells.

The remaining investments of R580m were secured for automotive, chemical engineering, food and beverages, manufacturing and recycling industries.