Launching new Special Economic Zone
PRESIDENT Cyril Ramaphosa officially launched the Atlantis Special Economic Zone (SEZ) yesterday.
The 124.5-hectare area has been designated as a green hub, aimed for the establishment of green technologies in the province. SEZ status for the area was approved by the cabinet on June 8, 2018.
SEZs are used by the government to drive industrial and economic development with cluster industries from a particular sector located in geographically designated areas to get the benefits of scale and co-location. They are supported by a range of incentives aimed at attracting local and foreign investment.
“We know that without significant economic growth, we will not be able to create work for the people of the province and the country, and without substantially higher rates of investment, we will not achieve growth. We have therefore embarked on a range of measures to mobilise investment into our economy. And we are working to direct that investment to those industries that have the greatest potential for sustainable growth and to those parts of the country that have the most to benefit,” Ramaphosa said.
“The nine SEZs, designated as part of this programme, have several important features. They are located in areas both of need and opportunity. They are being established close to where our people live, where there is often poverty and a great demand for jobs,” Ramaphosa said.