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More than R 1 BN investment ECDC
Posted on: Tuesday, 28 November 2006. Article source: Patrick Cull
The figures were released in the annual report that was published yesterday.
Investments were secured in the sectors targeted by the province of automotive, general manufacturing, agriculture, mariculture and aquaculture, ICT and tourism, and include projects like the completion of the sale of the North East Cape forests to Steinhoff.
The ECDC's other achievements included:
D Allocating a total of R88,3-million worth of loans and grants to contractors and SMMEs. In respect of contractors, this is a 14 per cent increase, while for SMMEs this is a 41% increase on the previous year's allocations.
D A number of greenfields projects were under negotiation that could potentially translate into a further 14 562 jobs - these are in areas like bio-diesel that is on trial in the north-east of the province and loe ferox in Seymour.
D A micro-finance pilot project, awaiting approval from the economic affairs, environment and tourism department and provincial treasury that would enable the corporation to intensify its role in making the Eastern Cape "a compelling place to work, live and invest in".
The report notes that the Magwa Tea Estate has gone from a zero production to 60% of optimum production through investment from Ferrostaal and short-term financing from the ECDC with a long-term investment plan on the table.
The ECDC now also has two operational ICT hubs in East London and Port Elizabeth.
Aneel Radhakrishna, who served as acting CEO until the end of last month, said the corporation's efforts in support of exporters "have met with positive results and a trade mission to the US saw the development of a local tooling operation for the export of Hummer parts. The ECDC has also helped exporters secure contracts to export glass to Angola and clothes to Turkey."
He pointed to the Steinhoff/PG Bison investment in forestry at Ugie, in which the ECDC played a key role as demonstrating the multiplier effect of investment.
This had resulted in an upgraded road, increased employment, property price increases, and "a pulse in the town, not previously perceived possible".
Investments were secured in the sectors targeted by the province of automotive, general manufacturing, agriculture, mariculture and aquaculture, ICT and tourism, and include projects like the completion of the sale of the North East Cape forests to Steinhoff.
The ECDC's other achievements included:
D Allocating a total of R88,3-million worth of loans and grants to contractors and SMMEs. In respect of contractors, this is a 14 per cent increase, while for SMMEs this is a 41% increase on the previous year's allocations.
D A number of greenfields projects were under negotiation that could potentially translate into a further 14 562 jobs - these are in areas like bio-diesel that is on trial in the north-east of the province and loe ferox in Seymour.
D A micro-finance pilot project, awaiting approval from the economic affairs, environment and tourism department and provincial treasury that would enable the corporation to intensify its role in making the Eastern Cape "a compelling place to work, live and invest in".
The report notes that the Magwa Tea Estate has gone from a zero production to 60% of optimum production through investment from Ferrostaal and short-term financing from the ECDC with a long-term investment plan on the table.
The ECDC now also has two operational ICT hubs in East London and Port Elizabeth.
Aneel Radhakrishna, who served as acting CEO until the end of last month, said the corporation's efforts in support of exporters "have met with positive results and a trade mission to the US saw the development of a local tooling operation for the export of Hummer parts. The ECDC has also helped exporters secure contracts to export glass to Angola and clothes to Turkey."
He pointed to the Steinhoff/PG Bison investment in forestry at Ugie, in which the ECDC played a key role as demonstrating the multiplier effect of investment.
This had resulted in an upgraded road, increased employment, property price increases, and "a pulse in the town, not previously perceived possible".
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