Coega Development Corporation gains momentum towards new financial year

Coega Development Corporation

The Coega Development Corporation forecast for the current financial year 2019/20 seeks to finish the year well ahead of targets in terms of new investors – proving that South Africa and the Eastern Cape remain the preferred investment destination even in difficult economic times, highlights Dr Ayanda Vilakazi, CDC Head of Marketing, Brand and Communications.

All of this blaze with the CDC taking on projects outside of the Special Economic Zone (SEZ) throughout its infrastructure development programme with the objective of expediting service delivery to South African citizens on behalf of the government.

Since March 2019 to date, the CDC has already signed 4 new lease agreements with various organisations. These organizations would be investing more than R110 million.

In the 2019/20 period, CDC created 15 934 Jobs (7 815 cumulative operational jobs and 8 016 construction jobs).

However, since inception in 1999, the organisation has created 120 990 jobs. In addition, the CDC has 45 operational investors with a combined investment value of R11.579 billion in private sector investment and R9.53 billion in Foreign Direct Investment (FDI).

“Off critical importance for the CDC are the project’s contribution towards socio-economic development” says Dr Vilakazi

He adds that the CDC is seeing another trend with the type of investors attracted in the SEZ. Currently major investors include BAIC SA (R11 billion), Dedisa Power Peaking Plant (R3.5 billion), FAW SA (R600 million) and CEMZA (R600 million).

“Not only does it translate to job creation in the region over the short to medium term but also reflects on the diversification of the Eastern Cape economy,” Dr Vilakazi continues.                                  

“The organisation is optimistic that this year will once again highlight the Coega SEZ as a prime investment destination of choice accumulating several projects coming to the Nelson Mandela Bay (NMB)”, concludes Dr Vilakazi.        

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