At the last meeting under the current administration, Cabinet welcomed several investment initiatives aimed at growing the South African economy.
In a statement on Thursday, Cabinet commended the second phase expansion of the Dube Trade Port Special Economic Zone (SEZ) in KwaZulu-Natal.
SEZs are geographically designated areas of a country that are set aside for specifically targeted economic activities.
The R18 billion investment brings an additional 45 hectares of industrial space into the SEZ. It will serve as the foundation to attract an estimated R20 billion in investment over the next five years.
The port, which is one of two SEZs in the province, has already created thousands of jobs and contributed immensely to the provincial fiscus since opening its doors in 2010.
Earlier this month, KwaZulu-Natal MEC for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala, said the second phase of the SEZ development takes place at a time when KwaZulu-Natal is experiencing an unparalleled wave of investments, which are dramatically changing the economic landscape of the province.
Meanwhile, Cabinet also welcomed Chinese electronics manufacturer Hisense’s R72 million investment into its refrigeration and television production lines at its Atlantis factory in the Western Cape.
The feat has created 150 manufacturing job opportunities.
“This investment brings Hisense’s total investment in this Atlantis plant to R440 million,” said Cabinet.
Trade and Industry Minister Rob Davies launched the official expansion of the factory located outside Cape Town earlier this month.
Economic Development Minister Ebrahim Patel officially opened the then R350 million plant in June 2013.