The Richards Bay Industrial Development Zone (RBIDZ) since inception, has made significant contributions to the economic growth of KwaZulu-Natal through various initiatives and activities.
Here are some ways in which RBIDZ has contributed to the economic growth of the region:
Richards Bay Industrial Development Zone’s Economic Impact in Kwazulu-Natal
Creation of Employment Opportunities: RBIDZ has played a crucial role in creating employment opportunities in KwaZulu-Natal. By attracting local and foreign investment, RBIDZ has facilitated the establishment of businesses and industries within the industrial estate, leading to job creation for the local population
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• Stimulating Economic Growth: RBIDZ’s strategy is designed to provide a significant contribution to the country’s economic growth. By attracting investments and promoting the manufacturing of goods and production of services, RBIDZ has helped stimulate economic activity in the region
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• Beneficiation of Raw Materials: RBIDZ focuses on attracting investments that beneficiate South Africa’s raw materials. This approach adds value to the country’s resources and also promotes local industries, leading to increased economic growth and development
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• Development of Production Capacity: RBIDZ has really played a key role in developing production capacity within the region. By attracting both local and foreign investment, RBIDZ has facilitated the establishment of manufacturing facilities and production lines, contributing to the growth of the industrial sector in KwaZulu-Natal
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• Promoting International Export Competitiveness: RBIDZ has the responsibility of encouraging international export competitiveness. By providing a conducive environment for businesses and offering incentives to investors, RBIDZ has helped local industries compete in the global market, thus, an increase in export opportunities and economic growth
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• Investment Pipeline and Job Creation: RBIDZ has been actively assessing the investment pipeline and engaging with investors and business captains. Through these efforts, RBIDZ is well on track to positively contribute toward job creation and poverty alleviation in the region
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Overall, RBIDZ’s initiatives and activities have had a positive impact on the economic growth of KwaZulu-Natal. By attracting investments, creating employment opportunities, promoting local industries, and stimulating economic activity, RBIDZ has indeed played a vital role in the development of the region’s economy
Here is the company profile
RBIDZ – COMPANY PROFILE
Richards Bay Industrial Development Zone (RBIDZ)
The Richards Bay Industrial Development Zone Company (SOC) Ltd (RBIDZ) is a Special Economic Zone that is purpose-built and secure industrial estate on the north-eastern coast of KwaZulu-Natal, South Africa linked to the international deep-water port of Richards Bay. It is tailored for the manufacturing of goods and production of services to boost beneficiation, investment, economic growth, and the development of skills and employment.
The RBIDZ is a Special Economic Zone (SEZ) that aims to encourage international competitiveness through world-class infrastructure as well as tax, VAT and duty-free incentives to qualifying investors. This SEZ’s strategy is geared to provide a significant contribution to the country’s economic growth. Done through the creation of employment opportunities, upgrading skills, and technology transfer. As well as deepening the economic empowerment of historically disadvantaged individuals, and broadening South Africa’s basket of export products.
Incentives provided by RBIDZ to investors include:
- Reduction in corporate income tax from 28% to 15%.
- VAT exemption for supplies procured in South Africa.
- Duty-free on imports for production-related raw materials including machinery and assets used in production.
- Location in a secured and Customs Controlled Area (CCA)
- World–class industrial infrastructure.
The RBIDZ’s objectives are:
- To attract local and foreign direct investment;
- Attracting advanced foreign production and technology methods in order to gain experience in global manufacturing and production networks;
- Developing linkages between domestic and zone-based industries;
- Providing world–class industrial infrastructure.
The Richards Bay Industrial Development Zone’s Key Focus Sectors:
- Metals Beneficiation (Aluminium, Iron Ore, Titanium)
- ICT (Techno–parks, Innovation Hubs)
- Energy (Solar, Fuel Cells, Biomass, Renewable)
- Agro-Processing
- Marine Industry
Vision
To be the preferred Special Economic Zone for quality investments while delivering value to our stakeholders.
Mission
To attract sustainable investments that stimulate economic growth, job creation, beneficiation of resources, skills development, and transfer.
Invest in Richards Bay IDZ- “RBIDZ in the quest of driving sustainable energy programmes for thriving socio – economic development”.
#Uninterrupted energy DEFINES functional industrialisation.
