The South African president, Jacob Zuma, expected to launch on Friday, 10th July 2014, the Assembling and operation plant of the First Automotive Works (FAW) Company, established in the Industrial Development Zone of Coega (ZDI), located in the metropolitan area of Nelson Mandela Bay, in the province of Eastern Cape.
For a total of $ 60 million, the truck assembling plant was jointly funded by the Chinese company FAW and the China-Africa Development Fund.
This plant represents one of the biggest investments by a Chinese company in South Africa, according to the South African Minister of communication, Faith Muthambi speaking this Thursday, during a press conference at the end of a meeting of the Government.
This initiative is within the context of the actions by the Government to promote the manufacturing sector as an important background of the economy of the country and will contribute to create a more favorable climate to reassure foreign investors in South Africa, said the Minister.
Muthambi also indicated that the FAW plant will significantly contribute to the national objectives of socio-economic development as stipulated in the National Development Plan, the way of a new growth and Plans of Action of the Industrial Policy.
“This plant will allow the metropolitan area of the Nelson Mandela Bay as well as the entire region of the Eastern Cape of generating foreign direct investment that in turn, will create sustainable jobs and provide training and skills development opportunities,” said the Minister.
Original text by: Blaise AKAME