The South African Government has recently announced that a group of Chinese investors will pump more than 40 billion rand ($2.81 billion) into the South African economy to build an industrial park.
Ministry of Trade said the investors led by Hong Kong Mining Exchange would invest in power, pig iron and steel plants amongst other commodities in the Musina-Makhado special zone in the Limpopo province near the border with Zimbabwe.
These projects would be implemented over a five year period and create around 21,000 jobs in the region, the Department of Trade and Industry said in a statement.
Minerals such as chrome, manganese, coking coal and lime will be extracted and beneficiated in the park in line with the country’s national industrialisation objectives, the department said.
A new incentives package set up in 2014 includes a corporate tax rate of 15 percent for qualifying investments, compared to the rate of 28 percent for companies.
Source: Reuters
