It’s been named among South Africa’s top 10 investment opportunities. The Dube TradePort in Durban is now officially an Industrial Development Zone (IDZ), joining three other similar economic zones across the country.
President Jacob Zuma on Tuesday handed over an IDZ operator licence to the Dube TradePort Corporation signalling a new beginning for the precinct which has already attracted investments worth nearly R1billion since it was opened in 2012.
As the first IDZ for Durban, the Dube TradePort IDZ joins a list of other similar projects which have attracted a combined Investment of over R5 billion in Port Elizabeth, East London and Richards Bay.
More special economic zones will be rolled out across the country as government intensifies its approach to industrialise South Africa’s economy as demanded by the National Development Plan (NDP).
Tax incentives
Minister Davies said the IDZs are unique in that they offer a variety of incentives for investors, including a 15% corporate tax rate, employment tax as well as duty free on imported equipment.
Situated at the heart of King Shaka International Airport, the Dube TradePort IDZ is set to transform Kwazulu-Natal into both a key business gateway and a noteworthy player in the global supply chain of goods. Two investment areas will be crucial in the success of the IDZ and they are the Dube TradeZone, and the Dube AgriZone.
President Zuma said the Dube TradePort is expected to create more than 150,000 jobs by 2060 the same year the development is envisaged to contribute R5.6 billion to the country’s GDP.
He said the people of KwaZulu-Natal will judge the success of the new development by the manner in which it changes their lives through job creation.
http://sanews.gov.za/south-africa/moves-reindustrialise-sas-economy
