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
Recent headlines about Australians embracing Individual Retirement Accounts have sparked curiosity worldwide. But here's the…
The blockchain development landscape is witnessing a significant shift as Pi Network rolls out major…
Nearly one million Pennsylvania workers just became eligible for hundreds of dollars in extra tax…
Costco has issued an urgent recall for two Caesar salad products after plastic pieces were…
The South African Social Security Agency (SASSA) has officially released the payment schedule for December…
Wall Street witnessed a dramatic power shift in the artificial intelligence sector on Tuesday as…