Yangtze invests R 150 million in Dube TradePort SEZ
Friday, May 13, 2016
Today, Yangtze Optics Africa Cable (YOAC), an optical fibre and accessory manufacturer, officially launched its new manufacturing facility within Dube TradePort. The new purpose-built fibre optic manufacturing facility is valued at R100 million, with a further R150 million investment expected in the machinery and other equipment. This investment is seen to have the potential to significantly bolster South Africa’s efforts to grow exports and expand communications infrastructure.
The MEC for Economic Development, Tourism and Environmental Affairs, Mr Michael Mabuyakhulu, said “This R150m fibre optic investment by Yangtze Optics Africa demonstrates the massive growth potential within KwaZulu-Natal, and South Africa as a whole, as we gear up to meet our goal of ensuring universal internet access. As KwaZulu-Natal, we have already committed ourselves to accelerating access to broadband connectivity across the province. Since last year, we have rolled out over 14 000 kilometres fibre optic cable, which currently connects every hospital in the province including 119 clinics and 1 624 schools. In addition to this, we have initiated another project that seeks to establish Wi-Fi hotspots in strategic areas across the province.”
The move by YOAC to locate their new manufacturing facility within Dube TradePort’s Special Economic Zone (SEZ), adds further credence to Dube TradePort’s status as a prime investment destination, having already successfully secured R1,4 billion in private investment.
Global trends have shown that industrialisation and re-industrialisation have benefitted developed countries, therefore, the government has seen it fit to invest in Special Economic Zones and Industrial Economic Hubs in order to develop and stimulate local economic development, through manufacturing, assembly and beneficiation of materials, which will facilitate the growth of exports and job creation.
The Chairperson of Dube TradePort Corporation’s Board, Dr Bridgette Gasa remarked, “This multi-million Rand investment also re-enforces Dube TradePort’s sector-led strategy of attracting a cluster of electronics and ICT industry manufacturers in Dube TradeZone’s SEZ, as well as further establishing DTPC’s key strategic objective of becoming a manufacturing and logistics platform servicing sub-Saharan Africa.
The accelerated investment flows into South Africa’s communication infrastructure will have an inordinate effect on the economic development and success of the country’s commercial sector, which positively impacts job creation. Yangtze Optics Africa’s new facility is set to create over 100 jobs when the 15 000m2 manufacturing is fully operational in January 2017.