Ricochet News

Coega is on track to have 30 operational investors by end of 2014/15

OCTOBER 3, 2014
Coega is on track to have 30 operational investors by end of 2014/15

The Coega Development Corporation (CDC) says it is “on track” to have 30 operational investors in the Industrial Development Zone by the end of the current financial year.

The CDC’s Annual Report, tabled in the Bhisho Legislature, notes that its vision is to be “a catalyst for socio-economic development.

“Therefore, the primary mandate is job creation and industrial development.”

It adds that to achieve this it needs to “continuously attract new investors and retain existing tenants in the Coega IDZ and the Nelson Mandela Bay Logistics Park in order to facilitate job creation and strengthen and diversify the local industrial base”.

The report states that “a number of considerable breakthroughs” were made in the 2013/14 financial year that CEO Pepe Silinga refers to as a “watershed year” with “the convergence of a number of initiatives of strategic long term significance”.

The report points to the fact that during 2013/14 the CDC became the first South African IDZ to secure 10 new investors in one financial year with a total value of R1.84 billion.

One of the milestones recorded in the last financial year was a start to the construction of the R3.2 billion, 350MW GDF Suez Peking Power Plant, “which is the single largest Foreign Direct Investment (FDI) project under development within a South African IDZ.

“It will be the first large-scale independent power producer-based project in South Africa.”

With regard to the R200 million investment by Air Products in an air separation unit, the Report states that this makes the IDZ the only such development to have a utility network that includes potable and industrial water, industrial gases, a fibre optics network and electricity.

The Report adds that the performance of the IDZ over the past three years has been “remarkable”. - metrominutes