East London industrial zone investments grow to R7.4bn
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