South Africa Eyes $46 Billion for Industrial Hubs by April

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessSouth Africa Eyes $46 Billion for Industrial Hubs by AprilSouth Africa plans to attract billions of dollars in investment into its specialized industrial hubs by April to help revive a manufacturing sector that’s been in decline for decades.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — South Africa plans to attract billions of dollars in investment into its specialized industrial hubs by April to help revive a manufacturing sector that’s been in decline for decades.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“We are targeting 750 billion-rand ($46 billion) worth of investments in this current fiscal year,” Maoto Molefane, acting deputy-director general at the Department of Trade said in an interview on the sidelines of the Special Economic Zones investment conference in Durban on Thursday.The department plans to raise the capital from infrastructure investments, development finance institutions and other lenders, and commitments secured at South Africa’s investment conference earlier this year. Investors pledged a record 890 billion rand at the forum, with much of the capital earmarked for designated industrial sites, President Cyril Ramaphosa said in an address at the SEZ conference. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againReviving manufacturing is key to South Africa’s growth strategy, with industrial parks at the heart of that effort. The sector’s share of economic output has fallen to 11% from 24% in 1994.South Africa was once “a shining example of how Africa should develop,” but chronic power shortages and port inefficiencies and other infrastructure constraints have eroded its competitiveness, causing the decline in manufacturing’s contribution to gross domestic product, Molefane said.“We’re using the SEZs to reverse deindustrialization,” he said.Incentives include a reduced income tax rate of 15%, compared with 27% before.The nation’s 13 SEZs currently host 224 companies, with cumulative investment of 31.7 billion rand and more than 28,000 direct jobs created.The department plans to officially designate a green-energy industrial park in the Vaal region of Gauteng province — South Africa’s main commercial hub — by April. It also aims establish a private-sector-led SEZ close to the OR Tambo International Airport, east of Johannesburg.The SEZ will focus on electricity and energy and the state will support it with infrastructure, Molefane said. Sign up here for the daily Next Africa newsletter and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen.(Updates with plans for new SEZ in eighth paragraph)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.