North West ploughs R200m into zone

Posted On Thursday, 26 August 2004 02:00 Published by eProp Commercial Property News
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The North West government has announced an initial investment of R200m into the Mafikeng industrial development zone aimed at boosting the province's economic growth.

Infrastructure IndustryThe North West government has announced an initial investment of R200m into the Mafikeng industrial development zone aimed at boosting the province's economic growth.

The investment, which is to be matched by the private sector, will kick start North West's plans to revive its once-flourishing capital.

Mafikeng has, over the past 10 years, experienced an exodus of businesses that have taken their investments to neighbouring towns, leading to high unemployment and deterioration of the town's infrastructure.

The industrial development zone is part of Platinum Pride, an investment initiative to develop the economy of the city and the province. "Platinum Pride is aimed at fast-tracking sustainable growth based on sound investment, skills development and good governance," said North West premier Edna Molewa.

Invest North West, the province's investment wing, was currently working on a number of projects that would help exploit the economic potential of the province and open investment opportunities for business, said Molewa.

It would also co-ordinate and facilitate investments in the province.

The province will look into increasing investment in the agriculture and rural development, mining, energy, tourism, manufacturing, and construction sectors and beef up development for small and medium-sized enterprises.

Mining is the biggest contributor to North West's gross domestic product. But Molewa said the challenge was to diversify the economy to ensure it didn't rely too heavily on mining, because "mining is ephemeral".

"The challenge is to position women and youth to participate in mining. We do not have enough empowered companies that take the opportunities made available by the mining charter."

She said support from business was needed to facilitate this process.

With the province being rural and facing challenges of poverty, the province's government has committed itself to reducing unemployment levels in North West to less than 20% by 2014 and to grow the economy 6,6% a year .

Meanwhile, Molewa met members of the Black Business Executive Circle, an affiliate of the Business Unity South Africa, at the Palace of the Lost City at Sun City last week.

This was part of the Black Business Executive Circle's initiative to engage with the province on issues of economic development and also to look at investment opportunities.

Molewa hailed the interaction of the black business circle with North West, saying it could "lead to the formation of a strategic partnership that will assist in facilitating a greater interaction between the province and the entire South African business community".

THE North West government expects a R7bn investment in the Mafikeng Industrial Development Zone.

Businesses left the once flourishing provincial capital city over the last ten years to invest in other towns such as Rusternburg.

This led to high unemployment and deterioration of the city's infrastructure.

North West premier Ednah Molewa said the government will invest an initial amount of R200m and the private sector is expected is also expected to fork out the same amount.

 

Last modified on Monday, 04 November 2013 13:56

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