PRETORIA, Feb. 2 (Xinhua) -- South African would like to use the special economic zones (SEZ) to develop the country, said South African President Cyril Ramaphosa on Tuesday while touring the Tshwane automotive SEZ.
Ramaphosa said the SEZ would help expand and transform the country's manufacturing base, improve its export capacity, create employment and develop skills. He believed SEZ would play a significant role in the economic recovery in post COVID-19 era.
"Experience from countries such as Malaysia, China and Singapore, which have managed to place their economies on sustainable industrial paths, has demonstrated the potential of special economic zones," he said.
The president said since its inception in 2014, the Special Economic Zones program has managed to attract 18.6 billion rand (1.24 billion U.S. dollars) worth of private investment from 136 operational companies. An additional 99 investment expressions of interest by companies, worth 48 billion rand are currently being considered.
"In our own experience, special economic zones have proven to be an effective tool both to enhance our productive capacity and crowd in private sector investment. This includes foreign direct investment, which often involves technology transfer from international companies," he added. Enditem
