Cabinet has welcomed the launch of a factory that is expected to create hundreds of jobs in East London.
Cabinet said in a statement that the R1-billion investment will create 1 000 new quality jobs in addition to the existing workforce of 450, mostly youth and women.
The factory was launched earlier this week by Yekani Manufacturing, a wholly black-owned company which will manufacture information and communications technology products in the East London IDZ.
Cabinet has meanwhile mandated the Economic Cluster Ministers to urgently convene to discuss the country's economy following a decline in the Gross Domestic Product
According to figures released by Statistics South Africa (StatsSA) this week, South Africa's GDP in the first quarter of 2018 declined by 2.2%.
Later this year, the government will host an International Investment Summit to profile South Africa as an investment destination.
The aim of the event is to work towards generating R1.2 trillion in new investments over the next five years, which will have a significant impact on economic growth and employment creation.
