President Jacob Zuma has applauded the Eastern Cape for attracting investors. He was speaking at the launch of a R600 million automotive project in Port Elizabeth on Thursday.
The project is led by First Automotive Works, a Chinese company which manufactures both heavy commercial and light passenger vehicles. Close to a thousand job opportunities are expected to be generated.
Zuma says relations with China promote economic growth in South Africa. “We are therefore looking forward to fruitful partnerships in the next five years. We have set a growth target of 5% by the year 2019. We view this occasion as a key contribution towards obtaining that goal.”
The establishment of this plant has also been hailed as a major economic boost for the region. The Eastern Cape is home to four vehicle manufacturers already. Volkswagen, General Motors and the Ford engine plant in Nelson Mandela Bay and Mercedes Benz in Buffalo City.