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Chinese vehicle manufacturer Beijing Automotive Group’s (BAIC’s) decision to invest in a vehicle assembly plant, in the Coega Industrial Development Zone (IDZ), near Port Elizabeth, could help drive further investment by Chinese firms in South Africa.
This is according to South African Embassy in Beijing economic counsellor Thandukwazi Nyawose, who, this week, pointed out that the BAIC project was the largest Chinese investment in South Africa to date.
“China has more than $300-trillion dollars of foreign currency reserves and, therefore, has sufficient funds to invest even more into South Africa. South Africa is a new market for Chinese investments and we hope the BAIC project will kickstart a deluge of further megaproject investments,” he told Engineering News Online during a tour of BAIC’s head office, in Beijing.
The R11-billion automotive assembly plant being established at the Coega IDZ is a joint venture between BAIC and South Africa’s Industrial Development Corporation. At full capacity, the plant will have the capacity to produce 100 000 vehicles a year. The first phase will have the installed capacity to assemble 50 000 units a year. About two-thirds of production will be exported.
Engineering News
This is according to South African Embassy in Beijing economic counsellor Thandukwazi Nyawose, who, this week, pointed out that the BAIC project was the largest Chinese investment in South Africa to date.
“China has more than $300-trillion dollars of foreign currency reserves and, therefore, has sufficient funds to invest even more into South Africa. South Africa is a new market for Chinese investments and we hope the BAIC project will kickstart a deluge of further megaproject investments,” he told Engineering News Online during a tour of BAIC’s head office, in Beijing.
The R11-billion automotive assembly plant being established at the Coega IDZ is a joint venture between BAIC and South Africa’s Industrial Development Corporation. At full capacity, the plant will have the capacity to produce 100 000 vehicles a year. The first phase will have the installed capacity to assemble 50 000 units a year. About two-thirds of production will be exported.
Engineering News
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