Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • Covid-19: World Bank readies emergency vaccine fund for 30 African countries

  • Researchers discover people whose body naturally supress HIV virus in DR Congo

  • UK pioneers Covid vaccine test in patients with low immunity

  • African pilgrims may miss out on Hajj 2021 over mandatory covid-19 vaccination

  • Morocco, Nigeria sign partnership agreements on fertilizer production

AfricaBusinessNews Now
Home›Africa›South Africa launches $170m special economic zone to attract large scale investment

South Africa launches $170m special economic zone to attract large scale investment

By alternativeafrica
December 7, 2018
513
0
Share:

Johannesburg, Dec. 7, 2018 (AltAfrica)-The South African government has launched a special economic zone in Atlantis to attract large-scale investment that will create jobs and bolster manufacturing in the area and the Western Cape.

The 124.5-hectare area is designated for the establishment of a green technologies hub in the Western Cape. This means that the special economic zone will oversee the manufacture of green technologies, alternative waste management, energy efficient technology and alternative building material, among others.

“The Atlantis Zone has already attracted four large green tech investors, which are fully operational,” said President Cyril Ramaphosa, who officially launched the Atlantis Special Economic Zone along with Trade and Industry Minister Rob Davies, Economic Development Minister Lindiwe Zulu, Western Cape Premier Helen Zille, Cape Town Mayor Dan Plato, local business people, labour movements and civic society organisations.

“Gestamp Renewable Industries, which we visited this morning, was the first of these investments. The company invested R300 million and has created about 220 jobs in Atlantis.

“The other investors are Resolux, with an investment of R25 million, Kaytech with an investment of R130 million, and Skyward Windows with an investment of R50 million. In addition to secured investments, the Atlantis Zone has an investment pipeline valued at R2.4 billion,” said the President.

He said the launch of the SEZ was the dawn of “a new era” for the community of Atlantis.

The objective of establishing the Atlantis SEZ is to unlock the underlying economic value of existing and underutilised infrastructure through the creation of a green tech manufacturing hub.

This, he said, includes exploiting its strategic location with its access to major national roads.

Its proximity to two ports, in Cape Town and Saldanha, provides advantages for exporters.

“The Atlantis SEZ is expected to grow the green tech sector in the Western Cape more broadly and revitalise Atlantis as a key industrial node in the region. In the short to medium term, the zone is projected to create over 1 400 jobs in Atlantis.

“Through manufacturing, job multipliers are estimated to rise to about 4 500 for the West Coast region,” he said.

The launch by the President comes as government continues to pull out all the stops to address policy and regulatory uncertainty in a bid to make it easier to do business in South Africa to attract local and foreign direct investment.

The special economic zone is an integral part of government’s efforts to reignite economic growth by attracting investment and creating jobs.

President Ramaphosa said without significant economic growth, the country will not be able to create work for the people of the province and the country, and without substantially higher rates of investment, growth would not achieve growth.

Government, therefore, has embarked on a range of measures to mobilise investment into the 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.

“The Special Economic Zone programme has been identified as one of the critical economic policy instruments for promoting industrialisation,” he said.

The Atlantis Special Economic Zones is the ninth of its kind across the country, although yesterday Cabinet approved the designation of the 10th special economic zone to be located in Inkomazi in Mpumalanga.

The President said the special economic zone programme carried with it numerous benefit for investors.

“The SEZ programme is supported by a competitive incentive package, which includes, among others, a 15% corporate tax incentive, employment tax incentive, accelerated depreciation allowance, VAT and customs exemption, and infrastructure support,” he said.

The SEZs also address the legacy of apartheid spatial planning as they are being established close to where people live, where there is often deep poverty and where there is a great demand for jobs.

At the same time, these sites have been selected for their proximity to ports, logistics hubs, related industry or raw materials.

“These SEZs can contribute much to reshaping the spatial landscape of the apartheid economy. Importantly, these SEZs attract foreign and domestic direct investment into the productive economy through a range of benefits.

“The special economic zones are key to unlocking the country’s competitive and comparative advantages. The programme has so far managed to generate R11.6 billion worth of private investments into the SEZs.

“There were 115 operational investors in the SEZs at the end of the second quarter,” said President Ramaphosa.

SHARE ON:
Previous Article

Top Kenyan officials arrested over missing petroleum ...

Next Article

Nigeria: IGP Team Handovers Three Suspected Internet ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • AfricaHealthNews Now

    ‘How the hell did 790 more people recover overnight?’Ex minister – queries Ghana’s new coronavirus figures

    May 16, 2020
    By alternativeafrica
  • News Now

    Nigerian Navy hands over two impounded vessels to EFCC

    April 5, 2018
    By alternativeafrica
  • EnvironmentNews NowWorld

    Ethiopia ranked has world’s biggest internally displaced population in the world

    September 20, 2018
    By VJ Africa
  • AfricaHealthNews NowSports

    Coronavirus hits Egypt’s youth team as 17 players, coach test positive

    December 14, 2020
    By alternativeafrica
  • News NowWorld

    Saudis permanently close only land border with Qatar

    December 20, 2017
    By alternativeafrica
  • News NowWorld

    Malaysia: A Rohingya safe haven?

    November 23, 2017
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • AfricaAfrikaTVHealthNews Now

    My journey from death to medical school-Sierra Leone Ebola survivor

  • AfricaBusinessNews Now

    21,000 Nigerian women, youths to benefit from $200m World Bank agribusiness initiative

  • HealthNews NowTechnologyWorld

    The impact of hi-tech, Robo Doctor in the success of Hajj 2019

Timeline

  • March 3, 2021

    Covid-19: World Bank readies emergency vaccine fund for 30 African countries

  • March 3, 2021

    Researchers discover people whose body naturally supress HIV virus in DR Congo

  • March 3, 2021

    UK pioneers Covid vaccine test in patients with low immunity

  • March 3, 2021

    African pilgrims may miss out on Hajj 2021 over mandatory covid-19 vaccination

  • March 3, 2021

    Morocco, Nigeria sign partnership agreements on fertilizer production

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack followed a ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • Covid-19: World Bank readies emergency vaccine fund for 30 African countries

    By alternativeafrica
    March 3, 2021
  • Researchers discover people whose body naturally supress HIV virus in DR Congo

    By alternativeafrica
    March 3, 2021
  • UK pioneers Covid vaccine test in patients with low immunity

    By alternativeafrica
    March 3, 2021
  • African pilgrims may miss out on Hajj 2021 over mandatory covid-19 vaccination

    By alternativeafrica
    March 3, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.