Multi-billion rand capital injection for KZN
Investments on the horizon include a R6.5-billion commitment for development by Richards Bay Minerals (RBM), a R40-billion investment by Toyota, R8-billion from Mondi and R1,5-billion by the Mara Group, which will be injected into its cellphone manufacturing operations at the Dube Trade Port
PLANNED investments earmarked for various parts of KZN, including Richards Bay, will have a substantial impact on the economy.
Investments on the horizon include a R6.5-billion commitment for development by Richards Bay Minerals (RBM), a R40-billion investment by Toyota, R8-billion from Mondi and R1,5-billion by the Mara Group, which will be injected into its cellphone manufacturing operations at the Dube Trade Port.
‘Before the end of this year, we will join RBM and the Mara Group in celebrating their decisions to choose KwaZulu-Natal as their preferred investment destination.
‘We are confident that we will have more investors coming to our province as we are doing everything possible to create an environment suitable for businesses to thrive,’ said KZN Premier Sihle Zikalala.
Zikalala was addressing captains of industry at the KwaZulu-Natal Growth Coalition business breakfast in Durban on Tuesday.
Rio Tinto in April approved the next stage of the development of RBM through the construction of the Zulti South project.
The investment will be fully funded by RBM, with no additional debt or recourse to Rio Tinto.
Last month the Competition Tribunal approved a merger entailing an internal restructure of the Mondi Group, consisting of Mondi Plc and Mondi Ltd.
In its conditions for approval, the tribunal said the merging parties will have to invest a total of R8-billion in its South African operations over a period of five years.
Speaking at the breakfast on Tuesday, KZN MEC for Economic Development, Tourism and Environmental Affairs, Nomusa Dube-Ncube, announced that the province will host an international investment conference next month in Durban as part of efforts to attract more investments.
‘Our goal is to create a new city within the King Shaka International Airport precinct.
‘We are moving with speed. This is a vision anchored in our Aerotropolis strategy to convert the land within the King Shaka International Airport into the first airport city in Africa,’ Dube-Ncube said.
She added the province would also undertake investments missions from next month.
‘We will focus on attracting foreign direct investments for our special economic zones and different parts of the province.
‘We believe this will help create revenue streams for more investments in social infrastructure such as education and health,’ she said.
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