Ricochet News

Heads of Diplomatic Mission positive about Coega IDZ as investment destination

By Supplied - May 14, 2015
Heads of Diplomatic Mission positive about Coega IDZ as investment destination

The Coega Development Corporation (CDC) welcomed the South African Heads of Mission Designate led by the Department of International Relations and Cooperation (DIRCO) accompanied by the Eastern Cape Office of the Premier (ECOP).

“The Heads of Mission Designate are on a five day visit to the Eastern Cape with the objective of promoting the province to countries of their accreditation,” said Dr Ayanda Vilakazi, CDC unit head marketing & communications.

The Heads of Mission are due to take up diplomatic postings in Greece, USA, Sweden, Palestine, Morocco, Tunisia, Liberia, the Democratic Republic of Congo (DRC), Russia and the United Kingdom (UK).

Christopher Mashigo, CDC Business Development Executive Manager, said “CDC is very active in the investment promotion of the Coega Industrial Development Zone (IDZ) in global markets.

“Last year, CDC attracted 19 investors valued at R1.8 billion to the Coega IDZ from local & global markets.”

Answering a question asked by one of the delegates about the success factor which enabled Coega to be the first South African IDZ attracting double digit investment in 2014, Mashigo said “collaboration was key.”

He used the example of First Automotive Works (FAW) which launched its R600-million assembly plant in Zone 2 of the Coega (IDZ) in July last year.

“It was a concerted effort between CDC, the Department of Trade and Industry (dti), NMB Municipality, Labour and others, to bring FAW to Coega.” 

According to Mashigo, the highest value of investments last year in Coega’s metallurgical sector is valued at R1,1-billion, followed by investments worth R170 million in Coega IDZ’s agro-processing sector with the automotive sector coming in at R120 million.

“Malaysia is currently investing in metals and chemical projects, Germany has expressed interest for the automotive industry and Italian companies are investing in the logistics and energy projects in the Coega IDZ,” said Mashigo.

Bafedile Ramatlhape, DIRCO official, said she was impressed with her visit to the CDC.

“The growth potential of any investor in Coega is phenomenal. The opportunities are endless in terms of what we’ll take to the outside world, such as manufacturing, back office processing, agro processing, science and technology and in research,” said Ramatlhape.  

“Between 2007 and 2013, South Africa attracted around 24% of all the FDI projects in Africa, and last year, the Global Financial Times Magazine of UK voted South Africa overall winner for best investment destination in Africa for 2013 and 2014,” said Dr Ayanda Vilakazi, CDC head of marketing and communication.”

“Delegates were impressed by the Coega IDZ and commented that we had world-class infrastructure.  Meanwhile, incentives including funding application processing and shared service facilities were also an attractive feature,” said Ms Nonkululeko Mxenge-Mayende, CDC Manager: Investment Promotion.