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Billions in new investments committed across diverse sectors at EC conference

Home Agriculture Billions in new investments committed across diverse sectors at EC conference

INVESTMENTS valued at R127 billion were committed to the Eastern Cape, it was announced on Friday, September 29, at the third Eastern Cape Investment Conference held in East London. R22,1 billion represents new investment and R105 billion represents investments previously committed at the South African Investment Conference in April 2023.

“These investments will inject substantial capital into the provincial economy, leading to a cascade of positive effects that will benefit citizens, businesses and the overall economic landscape. The investment commitments are in the energy, manufacturing, information communication technology, property, tourism, film, oil and gas and healthcare sectors,” said Eastern Cape Development Corporation chief executive officer Ayanda Wakaba

“The province welcomes these declarations as they underscore government’s commitment to fostering economic growth, job creation, and sustainable development while positioning the province as a compelling destination for local, national and international investors,” he said.

Wakaba says these investment declarations represent a diverse array of sectors, and span across a significant portion of the Eastern Cape’s districts, providing extensive economic development prospects. He says the value that these investments bring to the province’s economy cannot be overstated.

  • In the oil and gas sector, the TAMSA Holdings and Central Energy Joint Venture is investing R13,6 billion for the construction of an on-shore Liquified Natural Gas storage and regasification terminal in Nelson Mandela Bay.
  • A subsidiary of the world’s largest beer producer AB InBev, South African Breweries is investing R510 million in the manufacturing sector for the extension of its brewery in Nelson Mandela Bay.
  • In the tourism sector, Mkambati Matters, located in Mkambati Game Reserve, is investing R250 million into an ecotourism lodge development in the OR Tambo District Municipality.
  • Independent power producer, Parsons Power Park, is investing R2,7 billion in the energy sector for the construction of a solar power plant in Nelson Mandela Bay.
  • Ivili Loboya Wool Processing is investing R45 million for the expansion of its existing wool processing factory, to increase its processing capacity and for infrastructure investment at the Amathole District Municipality.
  • In the Information Communication Technology sector, global technology company, JendaMark Automation, is investing R150 million in digital 4IR technologies in Nelson Mandela Bay.
  • Property development firm, AJ Properties, is investing R100 million in the property sector for the establishment of a retail shopping centre in the OR Tambo District Municipality.
  • In Nelson Mandela Bay, leader in the development, fabrication and supply of automotive metal formed components, Formex Industries is investing R114 million in the manufacturing industry for the expansion of a new press plant to increase assembly capacity for Mercedes-Benz South Africa’s US variants.
  • Global automaker and provider of innovative mobility solutions, Stellantis is investing R3 billion in the manufacturing sector to develop a new vehicle manufacturing facility in Nelson Mandela Bay.
  • Specialising in the development of fuel stations and convenience shopping centres in the lower living standards measure (LSM) markets, Imperium Developments is investing R109 million in the property sector for construction of shopping and convenience centres in Peddie, Sterkspruit, Bhisho and in the Berea Shopping Centre, located in the Buffalo City Metropolitan Municipality.
  • Thezi-Langa Energy is investing R900 million in the energy sector into a 50 MW solar PV project at the East London Industrial Development Zone’s Ntabozuko Renewable Energy Park in the Buffalo City Metropolitan Municipality.
  • Hive Hydrogen is investing R105 billion in the renewable energy sector for the construction of a green hydrogen/green ammonia production facility at the Coega Special Economic Zone in Nelson Mandela Bay.
  • Bushveld Electrolyte Company is investing R330 million into a vanadium electrolyte production facility in the East London IDZ in the Buffalo City Metropolitan Municipality. It is the largest publicly announced plant outside China.
  • Film, television and video productions company, Tshedza Projects is investing R80 million in the film sector for Season 2 of popular telenovela Gqeberha: The Empire in Nelson Mandela Bay.
  • Nexus Yachts is investing R181 million in the manufacturing sector for the expansion of its facility to build new balance catamarans in the Sarah Baartman District Municipality.
  • In the information communication technology sector, The Universal Service and Access Agency of South Africa is investing R159 million in broadband implementation projects across various regions in the Eastern Cape.
  • In the healthcare sector, Medilinks is investing R100 million for diagnostic and primary healthcare centres. The company is scoping appropriate locations in various parts of the Eastern Cape.
  • Lastly, South Africa’s largest mobile communications company, Vodacom, is investing R500 million in the Information Communication Technology sector to expand connectivity in rural areas and townships.

“They represent a pivotal moment in the province’s economic trajectory, positioning the province for robust growth and a prosperous future. We extend our gratitude to the visionary investors who have chosen to partner with us on this journey, as well as to our dedicated government agencies and institutions for their role in facilitating these declarations,” says Wakaba.

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