DURBAN, The Premier of South Africa’s KwaZulu-Natal Province, Willies Mchunu, has hailed the announcement of a 4.5 billion-Rand (about 324 million US dollars) investment in the Richards Bay Industrial Development Zone (RBIDZ) as confirming that the province is a preferred destination for foreign direct investment (FDI).
The Leader of Government Business and Member of the provincial Executive Council (MEC) for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala, on Tuesday presided over the signing ceremony for the project by the strategic partners. The event was attended by members of the diplomatic corps representing New Zealand, Zimbabwe and Germany.
The partnership involving the RBIDZ, Nyanza Light Metals and New Zealand-based Avertana Ltd paves the way for the construction of a titanium processing plant.
“The Minister of Trade and Industry, Rob Davies, has provided solid leadership, working with the Leader of Government Business, Sihle Zikalala. We thank all partners for working together under challenging circumstances to make this project possible,” Mchunu said.
“These positive news will boost business confidence and help attract more investment into the province. Such developments are important, given the fact that there are fears of a recession resulting from the downgrading of South Africa.
“We acknowledge that we are not the only nation in the world that has had to adjust to the harshness of the impact of recession and other global economic challenges such as downgrading by rating agencies. Over the past years, we have been working hard to help our people to survive through the rough storm… This investment will help to create more jobs for our people.”
Zikalala said the plant would help ensure that KwaZulu-Natal remains a national leader in the production of chemicals. “The plant will produce titanium dioxide pigment, a product used in paint, toothpaste and colourants for food products. The construction of the plant will commence next year, while production is expected to begin in late 2019,” he said.
Source: NAM NEWS NETWORK