Heads of Diplomatic Mission positive about Coega IDZ as investment
destination

MAY 14, 2015: 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).

³The 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,² 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
³CDC is very active in the investment promotion of the Coega Industrial
Development Zone (IDZ) in global markets.²

³Last year, CDC attracted 19 investors valued at R1.8 billion to the
Coega IDZ from local & global markets.²

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 ³collaboration was key.²

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.

³It was a concerted effort between CDC, the Department of Trade and
Industry (dti), NMB Municipality, Labour and others, to bring FAW to
Coega.²

According to Mashigo, the highest value of investments last year in
Coega¹s metallurgical sector is valued at R1,1-billion, followed by
investments worth R170 million in Coega IDZ¹s agro-processing sector with
the automotive sector coming in at R120 million.

³Malaysia 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,²
said Mashigo.

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

³The growth potential of any investor in Coega is phenomenal. The
opportunities are endless in terms of what we¹ll take to the outside
world, such as manufacturing, back office processing, agro processing,
science and technology and in research,² said Ramatlhape.

³Between 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 2014,² said Dr Ayanda Vilakazi, CDC head of marketing
and communication.²
³Delegates 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,² said Ms Nonkululeko Mxenge-Mayende, CDC Manager:
Investment Promotion.

 

Issued by COEGA