Pretoria Minister of Trade and Industry Rob Davies on Friday announced the biggest automotive investment in Africa in the last 40 years.
As part of the investment, the Coega Industrial Development Zone will get a record R11-billion upgrade from the Beijing Automobile International Corporation (BAIC).
The Coega Development Corporation signed a deal with BAIC for a completely knocked down automotive manufacturing plant in the Coega Industrial Development Zone. The development zone covers 11 500 hectares of land within the Nelson Mandela metro in the Eastern Cape.
“The size of the investment demonstrates confidence by China and confidence in South Africa as an investment destination.
“The investment is strategic and is a major project in terms of our bilateral relationship and a key project supported by the inter-ministerial committee on investment,” said Davies.