R1.2bn Coega investment boost for SMMEs in automotive sector

The rapid growth of Nelson Mandela Bay’s emerging automotive hub at the Coega Industrial Development Zone has gained more momentum with the announcement of a R1.2-billion investment in SMME component supplier development and the establishment of a new automotive industrial park in the IDZ.

A memorandum of understanding between the Beijing Automobile International Corporation (BAIC) – which is poised to begin construction of an R11-billion vehicle plant in the IDZ – and the Industrial Development Corporation (IDC) was signed at the weekend.

It paves the way for the R1.2-billion investment by both parties to develop SMMEs in the automotive sector in the Eastern Cape.

The developments were welcomed by a range of stakeholders and Economic Development, Environmental Affairs and Tourism MEC Sakhumzi Somyo, who expressed joy over the SMME investment in particular.

“No one can dispute that the automotive sector remains one of the biggest employers of our people,” Somyo said.

For the full story read The Herald, or get the complete newspaper, including comics, classifieds, crosswords and back editions in our e-Edition.

 

Leave a Reply