The Coega Industrial Development Zone. The Coega Development Corporation has announced that investment projects worth over R1 billion are ready for implementation in the Coega IDZ. Photo: Supplied
Port Elizabeth - The Coega Development Corporation (CDC) announced on Thursday that its investment projects worth more than R1 billion were ready for implementation in its Industrial Development Zone (IDZ).

The corporation said the investments would be made this month.

It said the investments were a result of a successful financial year which saw it attracting a total of 16 investors with a combined investment value of R11.7 billion.

“The metals and manufacturing industrial sector of the Coega IDZ will soon roll out three investment projects, with the first project’s site handover planned for April 2017,” said Sadick Davids, CDC business development manager.

CDC said it had narrowed its focus to three investment projects - a R650 million manufacturing cement grinding plant, a R71 million ready-to-mix concrete plant and a R350 million gas cylinder plant.

New investments

In January, CDC said it had created 18 366 jobs in the past financial year in addition to attracting billions of rand in new investments.

The corporation said in the past eight years it had created more than 80000 jobs and was in line to increase the number by the end of the 2016/17 financial year.

Two years ago CDC signed a R11 billion deal with a Chinese car maker, Beijing Automobile International Corporation (BAIC), for a completely knocked-down automotive manufacturing plant and implementation of energy-related projects.

It said they were directed at empowering the previously disadvantaged people, particularly women.

“CDC is proud to be among government institutions who continue to support programmes that contribute towards industrialisation and economic transformation of the people that come from previously marginalised communities,” adds Davids.

The Coega IDZ’s metals and manufacturing sector has grown in stature. The aforementioned investment projects will ascend the CDC to new heights, as a catalyst for championing of the socio-economic development in the Eastern Cape and South Africa at large. They would cumulatively see more than 401 direct jobs created and 2472 construction jobs.

Read also: Coega to implement two major projects this year

The Industrial Development Corporation (IDC) previously announced that it would be taking 20percent and 35percent shareholding in venture. The main shareholders at that stage in the venture were the IDC and BAIC South Africa.

CDC said the implementation of the investment projects showed the corporation’s commitment to advancing the socio-economic development of the Eastern Cape.

Last month, CDC and Eskom signed a memorandum of understanding to co-operate in the development of South Africa’s nuclear new build programme.

The two state-owned companies said they would work together in support of the government’s plans to build local capacity through supplier development and localisation around the infrastructure for the nuclear programme.

BUSINESS REPORT