The second area of the Special Economic Zone (SEZ) adjacent to the King Shaka International Airport has been opened in South Africa’s Durban, DUrbanTV reports.
To date, enterprises located on the territory of the SEZ have created more than 5,000 permanent jobs.
MEC for the Department of Economic Development, Tourism and Environmental Affairs (EDTEA), Siboniso Duma, during his speech at the opening ceremony, noted the role of the SEZ in the economic development of the country.
“As a government, we are focusing on SEZ for a good reason. They are designed for specific developmental purposes: to develop export-oriented industries, attract foreign direct investment and technology transfer, and achieve the generation of employment opportunities,” Duma said.
SEZs have become an effective tool for solving problems related to inequality and unemployment. In addition, said Duma, such zones expand the base for collecting municipal taxes, which are used to improve the quality of life for people.
The new SEZ area in Durban is aimed at investments in logistics and the automotive industry. It is expected that 600 jobs will be created in five years.
Also Read
Here is the simple method hackers use to attack organisations
Tanzania seeks partners for its $40B LNG project, gas prospects
In a surprise development that’s caught the attention of food lovers and industry watchers alike,…
Nvidia Corporation (NASDAQ: NVDA) once again made headlines Wednesday as its stock surged to a…
In today's fast-paced logistics and manufacturing environments, warehouse space is more valuable than ever. Efficient…
In recent years, the global logistics landscape has experienced a profound transformation driven by digitization…
Investment advisory firm Janney Montgomery Scott LLC has adjusted its position in oilfield services leader…
As the global auto industry accelerates toward full electrification, Chinese automaker Chery is charting a…