The Minister of Trade, Industry and Competition, Mr Parks Tau visited the Richards Bay Industrial Development Zone in KwaZulu-Natal today and expressed confidence and satisfaction in the impact of the progress at the zone. The zone which has also received funding from the Department of Trade, Industry and Competition (the dtic) Special Economic Zone programme, has R252.39 billion investment in pipeline with 23 investors and one strategic partner.
Tau was joined by the Deputy Minister of the Department of Science and Technology, Ms Nomalungelo Gina, the MEC for Economic Development, Tourism and Environmental Affairs, Reverend Musa Zondi and the MEC for Transport and Human Settlement, Mr Siboniso Duma.
During his visit to the Zone, Tau visited Nyanza Light metals, which is housed in Richards Bay IDZ. The company is constructing a R15 billion Titanium Dioxide Pigment manufacturing plant in the Richards Bay Industrial Development Zone. The plant will be the only one of its kind in Africa and will employ 3000 people during construction and up to 850 permanent jobs during operations.
“The project has attracted financing from the dtic’s Special Economic Zones (SEZ) programme, which establishes designated, geographically focused areas to attract foreign and domestic investment, aiming to accelerate industrial growth, exports, and job creation. Other several development finance institutions, including the Industrial Development Corporation, the African Development Bank, and other partners such as the Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank) have funded the project and have committed to supporting this project as Co-Mandated Lead Arrangers, said Tau.
“We are particularly thrilled about this initiative because it presents a model that can be replicated in similar projects. It shows how private sector funding can be mobilised alongside support from development finance institutions at both national and continental levels, as well as international partners. Significantly, the project also mobilises technology transfer from China, which is indicative of our ability to build our industrial base in the country and in terms of our ability to ensure that we beneficiate material locally and we ensure that industrialisation happens at source,” said Tau.
“We are at a point where we are ready to implement. Amongst others, the contract was signed for piling, which would be to prepare the infrastructure for the development to take place. So, for the next few months, you will see massive infrastructure investment, and the building of the actual plant that would be able to produce on this site,” said the Chief Executive Officer of RBIDZ, Mr Thabane Zulu.
The Nyanza Light metals project received direct support of R118 million from the dtic and R920 million to the RBIDZ also from the dtic towards top structure and bulk infrastructure to accommodate the R15 billion investment plant.
The Minister of Trade, Industry and Competition, Mr Parks Tau during his visit to Richards Bay IDZ.
Enquiries:
Ministerial Spokesperson
Kaamil Alli
Cell: 082 520 6813
WhatsApp: 082 520 6813
E-mail: KAlli@thedtic.gov.za
Director: Media Relations
Bongani Lukhele
Tel: (012) 394 1643
Cell: 079 5083 457
WhatsApp: 074 2998 512
E-mail: BLukhele@thedtic.gov.za
#GovZAUpdates
