Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Facebook Twitter Instagram
Trending
  • National shutdown goes off peacefully in Makhanda
  • A bond forged by mentoring
  • Ibe yimpumelelo itumente yolutsha eQhorha
  • A good financial planner is indispensable
  • Exciting encounters in LFA Premier League weekend games
  • Thembie is working towards STARDOM!
  • From Robben Island to the world
  • SACP build a house for Mama Regina after a three-year-long waiting period
Facebook Twitter Instagram
Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Grocott's Mail
You are at:Home»ECONOMIX»Business News»China comes to Coega
Business News

China comes to Coega

Staff ReporterBy Staff ReporterSeptember 19, 2017Updated:September 20, 2017No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China, Ambassador Songtian Lin (left) and Coega Development Corporation’s Chief Executive Pepi Silinga discuss a co-operation agreement between China and CDC. The Ambassador said Coega was by far the most successful Special Economic Zone on the African Continent and a good case study for Africa and the world on how to develop and operate one. Photo Supplied

Chinese Ambassador to South Africa, Songtian Lin, says the Coega Special Economic Zone is a good case study for the continent and the world on how to develop and operate a SEZ.

“The Coega SEZ is by far the most successful SEZ on the African continent. It is a good case study for Africa and the world on how to develop and operate a Special Economic Zone,” said the Ambassador when he visited the SEZ near Port Elizabeth.

Lin was very impressed with the Coega Development Corporation (CDC), which has so far attracted 40 investors. He encouraged the Coega SEZ to take advantage of increased Foreign Direct Investment (FDI) into Africa.

According to the CDC, which is wholly-owned by the South African government and the operator of the CoegaSEZ, South Africa remains the leading FDI destination in Africa, with a 6.9% increase in FDI projects in 2016. South Africa retains its top ranking in Africa as a destination for projects, with 139 projects in 2016 compared to 130 in 2015. It is followed by Morocco with 81 projects and Egypt with 79.

Chinese FDI into Africa increased dramatically, making China the single largest contributor of FDI capital and jobs in Africa in 2016.

Minister Counsellor (Economic) at the South African Embassy in Beijing, Charles Manuel, said the relationship between China and South Africa is solid.

“The South African government continues to create an enabling environment for Chinese investors. The South African Embassy in China works very well with investors and welcomes companies to address any challenges with the Embassy to jointly find solutions and resolve them amicably,” said Manuel.

Skills development and job creation

Lin was also impressed with the Skills Development Centre where young people from Motherwell, Wells Estate, New Brighton and the surrounding areas are receiving training in various skills including carpentry and plumbing. In addition, the job seekers’ portal, called the Gateway-to-Opportunities, is well recognised by the community as a gateway to employment in Coega projects.

Currently, there are 7243 people employed at Coega, with more than 85% of them coming from the local communities. This makes the Coega SEZ the largest employer in Nelson Mandela Bay Metro.

Attracting investors

The CDC, which released its mid-year investment performance report last week, said it has signed eight new investors (against a target of three), exceeding its mid-year performance target by 167%.

Last year, the CDC signed 16 new investors, exceeding its annual target. The total investment contribution by the new investors was R11.69 billion, contributing approximately 0.23% to the provincial Gross Value Added (GVA).

Over the past six years, the CDC has attracted 77 new investors, with a combined investment value of R47.7 billion.

The CDC’s Head of Marketing: Brand and Communications, Dr Ayanda Vilakazi, said investment in the SEZ reflects a positive trend identified in the Africa Attractiveness Index (AAI) & Foreign Direct Investment (FDI) 2016 and 2017.

SEZs are geographically designated areas of a country that are set aside for specifically targeted economic activities. The Special Economic Zones and Industrial Parks Programme is run by the Department of Trade and Industry (dti). – SAnews.gov.za

Previous ArticlePam Golding give their contribution for Arbor Day
Next Article Over 790 000 to write 2017 matric exams
Staff Reporter
  • Website

Comments are closed.

Tweets by Grocotts
Newsletter



Listen

The Rhodes University Community Engagement Division has launched Engagement in Action, a new podcast which aims to bring to life some of the many ways in which the University interacts with communities around it. Check it out below.

Humans of Makhanda

Humans of Makhanda

Weather    |     About     |     Advertise     |     Subscribe     |     Contact     |     Support Grocott’s Mail

© 2023 Maintained by School of Journalism & Media Studies.

Type above and press Enter to search. Press Esc to cancel.