Chinese consortium to invest $2.8 billion in South Africa industrial zone
The trade ministry said a consortium of Chinese 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.