East Lon­don in­dus­trial zone in­vest­ments grow to R7.4bn

CityPress - - Business -

The East Lon­don in­dus­trial de­vel­op­ment zone has se­cured about R3.4 bil­lion in pri­vate sec­tor in­vest­ment since early 2016. Sakhiwo Tetyana, the zone’s spokesper­son, said that by the start of 2016, it had se­cured R4 bil­lion in pri­vate sec­tor in­vest­ment. Most of it was in re­new­able en­ergy.

This brings the the zone’s to­tal in­vest­ment since its in­cep­tion in 2002 to about R7.4 bil­lion. Tetyana said that amount was mainly from 45 pri­vate sec­tor in­vestors.

The R3.4 bil­lion that the zone has se­cured since early 2016 con­sists of R1.06 bil­lion in signed agree­ments, in­clud­ing busi­nesses in­volved in phar­ma­ceu­ti­cals, in­for­ma­tion and com­mu­ni­ca­tion tech­nol­ogy (ICT), lo­gis­tics and man­u­fac­tur­ing. These in­vest­ments could cre­ate 1 460 jobs.

The zone has also ap­proved a fur­ther R2.35 bil­lion in in­vest­ments since early 2016, in­clud­ing busi­nesses in­volved in the mo­tor sec­tor, petroleum, aqua­cul­ture and ICT. These in­vest­ments could cre­ate 1 760 jobs.

Ac­cord­ing to a re­port re­leased in 2016 by Stats SA, 67% (R3.8 bil­lion) of the to­tal in­puts used by man­u­fac­tur­ers in the zone in the last year were sourced lo­cally, while R2.6 bil­lion worth of the out­puts from these man­u­fac­tur­ers were ex­port-bound, said Tetyana.

– Lubabalo Ngcukana

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