The year 2018 started with very little promise in terms of achieving our goals and strategic objectives given a challenging investment promotion and unkindly business environment, especially in relation to new foreign direct investment. Swimming against this tide, the Coega Development Corporation (CDC) has managed to turn things around.
“This has been in part, achievable through sheer dedication, hard work and the will to succeed,” says Dr Ayanda Vilakazi, CDC unit head brand, marketing & communications.
For the first time, the CDC recorded impressive accumulative numbers of jobs with over 112 974 since its inception, signed 14 new investors, trained 6 674 people, spent R707 million on SMMES, and recorded 43 operational investors with R7.079 billion in private sector investment.
“As we winding down the year, we have managed to turn the Coega SEZ into a construction site for investors currently busy with construction of their facilities,” adds Dr Vilakazi.
These investors have pledged a total private sector investment of R11.750 billion, and they include BAIC SA (R11 billion), OSHO Cement (R600 million), Akacia Medical (R100 million) and HELLA (R50 million). Jointly, these investors are putting a dent on unemployment by creating much-needed jobs during construction. For example, BAIC SA has created a staggering 1839 jobs during phase 1 of their investment.
“From 1 April 2018 to date, the CDC has secured five (5) new investors against a target of four (4), at mid-year. The total investment value amounts to R393 million against a target of R346.5 million. This is an achievement of 113%,” explains Dr Ayanda Vilakazi, CDC’s Head of Marketing, Brand and Communications.
Further, highlighting the importance of attaining investment in the country is a report issued by Ernst & Young, titled Africa’s competitiveness in attracting Foreign Direct Investment. South Africa has retained its position as the top foreign direct investment (FDI) destination in Africa, with Morocco catching up with it. The report focuses on 718 Foreign Direct Investment projects in Africa for the year 2017, which has led to a 6% increase from last year.
“What is pleasing the most is the CDC’s persistence and resilience in ensuring that the organisation continues to achieve its strategic objectives and goals as a leading pioneer in reducing the socio-economic barriers that hinder development and growth.” It’s also pleasing to announce that the CDC has trained over 2805 people against a target of 2299 as at mid-year, achieving 122%,” adds Dr Vilakazi.
This year alone, the CDC efforts are recognised in seven (7) prestigious awards namely:
- Top Performing Public Sector Award (won);
- Vision 2030 – Infrastructure Development Award (finalist and won in 2017/18);
- Exporters Awards – IDC Job Creation Award (merit award);
- Exporters Awards – Best Provider of Service to Exporters (merit award)
- Top Employer 2018 – Certified Excellence in Employer Conditions (won);
- Top Employer 2019 – Certified Excellence in Employer Conditions (won);
- Standard Bank Top Women Award – Top Gender Empowered Public Service (won).
The CDC is the only State Owned Entity in South Africa that has won the Top Performing Public Sector Award three times in the past five years, i.e., 2014, 2016 and 2018. Recognised as one of the best organisations in South Africa is humbling and could be attributed to visionary leadership as displayed by our Board of Directors, Executive Management and the hard working CDC staff.
“Our Executive Authority and various oversight committees have ensured that the organisation operates efficiently whilst maintaining higher than expected level of good governance,” concludes Dr Vilakazi.