When President Zuma Said he’s hard at work to make South Africa a better place, he really meant what he said.
He’s landed the Country another huge Chinese investment and, has indicated that more are to come.
SA’s Trade and Industry Minister, Rob Davies confirmed the investment from China when he divulged that a R150 million Chinese investment at the Dube Trade Port will solidify local capacity in the manufacturing of fibre optic cables.
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BuzzSouthAfrica gathered that the Minister’s remark follows Chinese company – Yangtze Optics Africa Cable (YOAC) – decision to invest at the Dube Trade Port Industrial Development Zone in Durban.
As learnt, the investment involves a R150 million project that will set up and operate a modern optical fibre cable manufacturing plant in South Africa, by Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) from China, and Mustek Limited, a JSE listed company.
Speaking, Minister Davis said:
“…This investment is a boost in terms of our bilateral relations with China and the commitment made by the Chinese government towards building industrial capacity on the African continent.
The construction on the optical fibre cable plant started in May this year after a successful soil-turning event attended by Chinese and South Africa government officials.
The build and installation phase of the project was completed by end of November 2016, a mere six months from the start of the plant construction.
We are able to roll out green field plants in record, which bodes well for the Dube Trade Port as an attractive investment value proposition.”
The Minister added that YOAC has recruited 42 employees. According to him, a significant majority of them was sourced from local communities adjacent to the King Shaka International Airport.
“YOAC intends to create a further 80 employment opportunities in 2017. Nearly two-thirds of the employment opportunities created are technical positions, requiring additional technical skills transfer training from YOFC
“The YOAC investment further signifies that South Africa remains an attractive investment destination for hi-tech advanced manufacturing sectors and reinforces our collaboration on a bilateral level with China,” asserted DAvis.