Eastern Cape Premier, Oscar Mabuyane, says the province is in line for a massive economic shot-in-the-arm, announcing that 18 companies will be investing R127 billion in the province.
Speaking at the Provincial Investment Conference in East London on Friday, Mabuyane said R22.1 billion in investments, were being announced for the first time at the conference.
He said the total investment amount, included R105 billion by Hive Hydrogen in a green ammonia plant in the Coega Special Economic Zone, first announced at the South African Investment Conference in April.
Mabuyane said the 18 new investors will make a significant contribution to economic growth and job creation in the Eastern Cape.
“The contribution of the 18 new investors to economic growth and job creation will benefit young and old who are yearning for job opportunities in our province,” he said.
“We commit to ensure that the 18 investors enjoy a profitable stay in our province through investor aftercare support programs”
The Premier said since 2019, the Province has attracted investments to a total value of R217 billion.
Meanwhile, the Nelson Mandela Bay Business Chamber welcomed the announcement of new investments by the Premier.
CEO, Denise van Huysteen, said the Chamber greatly appreciates the decisions of these companies to invest in the province.
She says especially considering that all these new investments will have a positive knock-on impact across the economy right through to micro, small, and medium enterprises.
Van Huysteen also urged all national, provincial, and local stakeholders to urgently work together to address the wide range of issues affecting the business operating environment.
She said this would be vital in retaining and attracting much-needed investment and making a dent in the 39.7% provincial unemployment rate.
Earlier this month, the Stellantis Motor Group confirmed its intention to develop a R3 billion greenfield manufacturing facility in the Coega Special Economic one in the Eastern Cape.
This followed the signing of an investment agreement between the Industrial Development Corporation and Stellantis Middle East and Africa CEO, Samir Cherfan.
Also Read: Major boost for Coega with R3bn Stellantis investment
