Investors inject R502m into East London development zone

3rd December 2018 By: African News Agency

Meek Mines South Africa and Nulatex Condoms South Africa have announced a R502-million investment into the East London Industrial Development Zone (ELIDZ) expected to create 450 jobs for locals.

Meek, which cuts and polishes diamonds mined for supply to both the domestic and foreign market, will inject R423-million. The company has taken over an existing facility within the ELIDZ section which includes diamond cutting and beneficiation. Meek plans to create 150 jobs over a five-year period beginning in 2019.   

Nulatex, a pharmaceutical company which manufacture male and female condoms and other latex products from a facility in the IDZ, is investing R79-million and plans to create 300 direct jobs from next year.

The department of Trade and Industry, through the SEZ Fund, has funded the IDZ with R568-million for the development of Phase 1 of the project, deputy minister Bulelani Magwanishe said.

"This will go towards the expansion of the Automotive Supplier Park,” he said.

Member of the executive committee for economic development, environmental affairs and tourism in Eastern Cape province Oscar Mabuyane said the development would contribute to the growth of the region's economy.

"We are pleased as the province that 450 people from our province will no longer be counted amongst the unemployed. They will be able to participate fully in the economy and realise their dreams,” he said.