Ricochet News

Coega Investor Pipeline Now Stands At R122.3 Billion

Nov 4, 2014
Coega Investor Pipeline Now Stands At R122.3 Billion

The estimated value of the Coega Industrial Development Zone’s (IDZ) investor pipeline stood at R122.3 billion in July this year, according to figures released by the Department of Trade and Industry (DTI).

DTI said, if signed, these five investors would create an estimated 1 840 jobs.

Currently, according to the figures, there are 25 operational investors in the Coega IDZ with the total investment amounting to just under R2.4 billion.

The investment has resulted in the creation of a total of 57 666 jobs, of which 5 011 are direct and 52 655 either indirect or construction related.

DTI says exports valued at R721.5 million have been generated by the investment.

The figures show that the Coega Development Corporation (CDC) has a further 21 investors that have been signed but are not yet operational.

The value of the investment is put at R9.4 billion and an estimated 1 106 jobs will be created.

DTI’s Special Economic Zone (SEZ) Performance Analysis Bulletin states that 854 hectares of the of the 11 500 hectare IDZ has been developed with 35% of the land required by investors to date.

The department says with regard to the IDZs generally that land update has been slow over the past 13 years.

However, it adds, investors in the pipeline, if realised, “will occupy a big share of land space in the zones”.

DTI says that between the 2002/03 and 2013/14 financial years, it spent a total of R6.9 billion on the four operational IDZs of which Coega received 67% to fund infrastructure and operational expenditure “needed for effective operations and investment attraction in the zones”.

In the 2013/14 financial year, DTI transferred a total of R824.4 million to the operational IDZs for infrastructure development of which 37% was allocated to Coega.

The other IDZs with operational investors are at East London and Richard’s Bay.

Others have been designed at OR Tambo and Saldanha.

Coega was designated in 2003/04. - MetroMinutes. 


Photo courtesy of www.jboriginal.co.za