Ricochet News

Coega welcomes the 2019 State of the Nation Address

Feb 11, 2019
Coega welcomes the 2019 State of the Nation Address

The Coega Development Corporation over the weekend said that it welcomes the speech delivered by President Cyril Ramaphosa on Thursday night.

It said it appreciates the compelling R70 billion worth of Foreign Direct Investment (FDI) inflow achieved by the government within the first three quarters of 2018.

"The CDC`s intensive commitment to exploring strategic opportunities to strengthen the South African economic climate has yielded a R7 billion boost in FDI within the Coega Special Economic Zone (SEZ)."

The organisation to-date has attracted leading Fortune 500 companies seeking access to a wider African market.

The CDC welcomes Government`s plans to attract more investors through identifying investable projects and the creation of investment books. The CDC continues to be a prime investment destination with a plug and play environment for potential investors.

“We pride ourselves with our world class infrastructure, national & international connectivity and being the only SEZ in Africa to be served by two ports,” highlights Dr. Ayanda Vilakazi, CDC Head of Marketing, Brand and Communications.

“The CDC is already the best suitable place for investors to locate their operations because of its location. The Coega SEZ is positioned on the main Southern Hemisphere east-west shipping routes, which makes it easy for investors seeking to export and import goods to the market,” adds Dr. Vilakazi.

Coega welcomes Ramaphosa's 2019 State of the Nation Address

The CDC is further encouraged by the president’s target for the country to be “among top 50 global performers within the next 3 years.”

In line to this is CDC`s prioritization of positioning Africa at the core of leading economies. This SEZ is an incubator to leading companies which contribute towards the growth of South Africa`s GDP, and endorsed by world leaders as the best SEZ in Africa.

The CDC as an industry leader welcomes government’s commitment on “focusing this year on significantly expanding our small business incubation programme.

“The CDC has over the years gradually seen it increase SMME participation to 39% procurement spend,” adds Dr. Vilakazi.

In addition to the drive of increasing SMME development, is the organisation’s relentless efforts to increase SMME involvement in various projects, and as such, of the newly signed investor (HELLA) under construction, two local SMMEs are currently benefiting from the construction of the facility.

"Such efforts are aligned to the organisation’s vision, which actively promotes measures to eradicate poverty and further contribute towards socio-economic growth."

Follow more RNEWS articles, subscribe to our YouTube channel and for breaking news LIKE us on Facebook. For news on the Western Cape click here.