South Africa's Durban Opens New Special Economic Zone Focused On Logistics And Automotive Sectors
Date
5/15/2024 11:15:38 PM
(MENAFN- Daily News Egypt) A new area of the Special Economic Zone (SEZ) adjacent to King Shaka International Airport has opened in South Africa's Durban. The SEZ has already created over 5,000 permanent jobs and the new area is expected to generate an additional 600 jobs over the next five years.
The SEZ
is
specifically
designed
to attract foreign direct investment, stimulate technology transfer, and promote export-oriented industries, particularly in the logistics and automotive sectors.
Siboniso Duma, MEC for the Department of Economic Development, tourism and Environmental Affairs (EDTEA), highlighted the importance of SEZs in addressing unemployment and inequality during the opening ceremony.“As a government, we are focusing on SEZs 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 stated.
SEZs also contribute to municipal tax collection, which
can be used
to enhance the quality of life for residents.
The new SEZ area in Durban
is expected
to
play a significant role in
the city's economic growth and development.
This development was reported by DUrbanTV, a partner of TV BRICS .
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