President Cyril Ramaphosa said the launch of the automotive special economic zone (SEZ) in Tshwane was a demonstration that despite its challenges, the country was proving to still be an attractive investment destination.
The initiative is projected to raise investment amounting to R3,6 billion and create 6,700 jobs.
The zones are geographically designated areas which government identifies for targeted economic activities and are supported by a range of laws and incentives to attract mainly foreign direct investment.
Ramaphosa said the automotive SEZ was nothing short of phenomenal.
“If you never thought of anything that’s uplifting – the building of a factory, the building of an industrial facility is one of the most uplifting that can happen to an economy and it is happening here under our noses.”
The launch is taking place just hours ahead of the start of the investment conference where government hopes to raise R1.2 trillion in new investments.
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