Chinese company's plan to invest billions in the Eastern Cape

01 Feb 2016 | Admin Author

The Department of Economic Development has welcomed an R18-billion proposed investment in the Eastern Cape by Chinese telecommunications infrastructure company DY-link.

The investment announced at Coega on Monday has the possibility of creating 4600 jobs.

DY-link group president, Alex Hu said the company was keen to implement their South African investment plan as soon as possible and that their aim was to reinforce and develop the telecommunications infrastructure network in South Africa.

Hu said the Coega's Industrial Development Zone seemed like a viable option for the location of the company's headquarters.

The Deputy Minister of Economic Development, Hlengiwe Mkhize, said the the delegation initially planned to invest R3-billion, but in finalising their business plan over the past week the investment had grown to R18-billion.

"Given where we are and were we want to be, this investment on their part of R18-billion will help us a lot to do the things we want to achieve. To assist young people to acquire the critical skills, to participate in this sector but above everything the broad based group that is partnering with them, we think it will help in terms of the ITC share in South Africa." says Mkhize