President signs special zones into law

President Jacob Zuma had signed The Special Economic Zones (SEZ) Act into law, Minister of Trade and Industry Rob Davies said yesterday. This would contribute to the revitalisation of the economy, lure foreign investment, strengthen the manufacturing sector and boost job creation. The declaration of SEZs is intended to put South Africa on par with similar global free-trade zones. “Its signing into law by president Zuma is a significant milestone in pursuit of the aspirations expressed in the National Development Plan, New Growth Path and Industrial Policy Action Plan,” Davies said. – Staff reporter

Bank deal to boost growth in Africa

China’s central bank and the African Development Bank Group yesterday signed a $2 billion (R20.8bn) co-financing co-operation agreement for the African Common Growth Fund, the People’s Bank of China said yesterday. The fund will provide co-financing to sovereign and non-sovereign guaranteed projects over the next 10 years. – Reuters

Street trading motion fails

The City of Joburg had rejected an attempt by the mayoral committee to prohibit street trading in the city centre, a trader organisation said yesterday. “We thank all Johannesburg city councillors for rejecting an idea that was not the product of an all-inclusive engagement process,” the SA National Traders Retail Alliance (Santra) said. Spokesman Edmund Elias said the rejection of the motion was the result of pressure from Santra and its support team. The city rejected the motion at a monthly council meeting on Wednesday. – Sapa