Coega Development Corporation recaps its success for the year 2016
At the Coega Development Corporation (CDC), this time of the year is reserved for self-introspection on progress thus far and how the organisation has fared in achieving its set objectives for the first part of the financial year.
The CDC’s overall objective as the operator of the Coega IDZ is predominantly to boost beneficiation, investment, economic growth and, most importantly, the development of skills and employment in the Eastern Cape and the South Africa at large.
Over the years, the CDC has shown consistent upward performance trend in all areas of priority in pursuit of the CDC’s vision as being the leading catalyst for championing of socio-economic development.
2016 was also a milestone year for the CDC, where the organisation managed to maintain its trajectory as the preferred Foreign Direct Investment destination of choice by consistently ensuring that projects brought about in the IDZ translate to tangible jobs and skills development.
The 2015/16 highlights include signing of 17 additional investors valued at R26.99 billion resulting to 36 operational investors in the IDZ which accumulated an investment value of R6.609 billion. The CDC created 18 366 jobs in the IDZ thus far in which 7 174 are operational jobs and 11 192 are construction jobs.
Since inception, CDC has created over 96 776 jobs and trained a total of 85 886 people. In the last 5 years, CDC has signed 61 new investors with a combined investment value of R35.8 billion.
According Dr. Ayanda Vilakazi, CDC head of marketing and communication, these results are attributable to the successful implementation of the CDC’s five year sustainable growth strategy, which focuses on the improvement of the Eastern Cape Gross Domestic Product (GDP, improvement in skills development as well as small, medium and micro enterprises (SMME) development.
“We are now well positioned as a leading South African investment destination and we have what it takes to attract investors,” said Dr. Ayanda Vilakazi, CDC head of marketing and communication.
The Coega IDZ has the key factors that attract foreign investors such as location, basic infrastructure, incentives for land and buildings, export environment, physical infrastructure, export incentives as well as electricity in order to service both existing and potential investors.
In this current year, CDC managed to successfully conclude a deal of R11 billion with BAIC for a completely knocked down (CKD) automotive manufacturing plant in the Coega IDZ. This investment will have a wide GDP impact in the Eastern Cape Province and the country at large with thousands of job opportunities.
In addition, Coega IDZ was appointed as one of the locations for the gas-to-power programme with 1000 MW of the power facility allocated to the IDZ. This project is key for energy security, diversity and socio-economic development.
Furthermore, despite the unsettled economic climate, it is clear that the CDC has what it takes to attract investors so as to boost the South African GDP and this year has shown more evidence of this potential.
Alan Straton
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