WeeklySA_AdminSURGE: The Eastern Cape special economic zone spin-offs amount to nearly 10 000 jobs…
By Lehlohonolo Lehana
Coega’s special economic zone continues to demonstrate strong economic growth, with total income surging to R25 billion in 2024, reflecting an increase from R18.9bn in the previous year.
This was contained in a report conducted by Stats SA and handed over to the Coega Development Corporation on Thursday.
The number of enterprises operating in the Coega SEZ grew from 43 in 2023 to 46 in 2024, with the majority being non-manufacturing enterprises, which accounted for 63,0% of the total. Although manufacturing enterprises constituted 37,0% of the total number of tenants and income increased by 26,8%, their contribution to total income declined slightly from 73,2% in 2023 to 70,2% in 2024.
Employment in the SEZ has also shown growth, with the total workforce increasing by 14,7% to 9 842 in 2024. The number of employees directly employed by enterprises, excluding labour brokers, grew by 8,5% to 6 594.
Manufacturing remained the dominant employer, accounting for 59,4% of jobs. Encouragingly, the proportion of youth (aged 34 years and younger) in the workforce increased to 45,0% (from 42,7%), highlighting the SEZs contribution to youth employment.
Capital investment in the SEZ remains strong, with capital expenditure on new assets reaching R935 million in 2024, a 67,6% increase from R558 million in 2023. The bulk of this investment was directed towards plant, machinery, and equipment, which accounted for 47,7% of the total capital expenditure, followed by capital work in progress at 34,3%. Harry Thema, Stats SA economic sub-systems chief director, emphasised the importance of data-driven decision-making, reaffirming Stats SA commitment to providing accurate and comprehensive economic measurements.
The Coega SEZ continues to play a vital role in South Africa’s industrial landscape, attracting investment, fostering job creation, and contributing to economic development. These latest figures underscore the zone’s growing impact and its importance in supporting the country’s economic ambitions.
The Coega Development Corporation has welcomed these findings, noting that the insights provided by the survey are critical for future planning and investment strategies.
Coega Infrastructure Planning and Development executive manager Dr Mpumi Mabula, reflected on the inception of the Coega SEZ, and the significant progress made over the last 25 years.
As we stand here today, we reflect on how far we have come since starting this SEZ. We are proud to consistently realise our vision as a driver of socio-economic development, said Mabula. – Fullview
