The R150 million Chinese investment at the Dube Trade Port which will build local capacity in the manufacturing of fibre optic cables has been welcomed by Trade and Industry Minister, Rob Davies.
According to a media statement, Chinese company, Yangtze Optics Africa Cable (YOAC), recently announced its investment at the Dube Trade Port Industrial Development Zone in Durban.
Minister Davies said, “Following the forum on China-Africa Cooperation (FOCAC) that took place in December 2015, and the recent Bi-National Commission (BNC) with China held last month, this investment is a boost in terms of our bilateral relations with China and the commitment made by the Chinese government towards building industrial capacity on the African continent.
“During the BNC, the Chinese Vice President, Dr Li Yuanchou, commended South Africa for building world-class infrastructure in the Special Economic Zones to attract investment.”Minister Davies said YOAC’s optical fibre cable manufacturing plant, with an initial capacity of one million fibre kilometres, will introduce new modern manufacturing equipment and processes in the manufacturing of optical fibre cable in South Africa.
“The construction on the optical fibre cable plant started in May this year after a successful soil-turning event attended by Chinese and South Africa government officials. The build and installation phase of the project was completed by end of November 2016, a mere six months from the start of the plant construction.“We are able to roll out green field plants in record, which bodes well for the Dube Trade Port as an attractive investment value proposition,” said the minister.The new manufacturing facility is expected to create a number of hi-tech new jobs within the sector.