Coega Development Corporation said its year-end performance results for 2016/2017 financial year exceeded expectations.
This follows the CDC's recent announcement that more than R1-billion of newly signed investments in the Coega SEZ are ready for implementation.
Chief Financial Officer, Lionel Billings, said in a statement that for the first time in 17 years, the CDC has hit a half a billion rand in revenue generated "achieving R532,77-million against a budget of R451,2-million."
Billings said that Operational investors also increased by 11% within one year, which was a significant milestone, given the current economic environment in the country.
"The cumulative value of private sector investments already on the ground and operating is R6,996-billion, with a further R1-billion having commenced implementation and the first R5-billion of the BAIC investment having hit the ground in earnest," he said
Billings added, "of particular significance, in line with CDC's vision of being a catalyst for championing of the socio-economic development in the Eastern Cape and South Africa, is the number of jobs created during the 2016/17FY."
He added that for the first time since its inception the organisation surpassed the 100,000 jobs created milestone, saying this included the 16 thousand 500 jobs created during the financial year.
"This has the potential to reduce skills flight to other provinces and contribute to the development of the Eastern Cape economy," added Billings.
Billings added that "training and development is critical to the economy of the province in providing the much needed skills, especially to the youth. As such, the CDC has trained 5886 people in the period under review."
He said that this had the potential of reducing "skills flight to other provinces and contribute to the development of the Eastern Cape economy."
The CDC's Head of Marketing, Ayanda Vilikazi, said the results show that Coega continues to be a pillar of hope in the Eastern Cape.
"The organisation attributes its achievements to sheer determination and hard work as well as the strategic and visionary direction provided by the CDC Board together with the its Chief Executive Officer and the rest of the Executive Management and Staff, who together have tirelessly been focusing on achieving outstanding annual performance results," said Vilakazi.
"CDC stakeholders have also played a significant role in the achievement of these results as well as assisted the organisation to move closer to achieving its 2020 Sustainable Growth Strategy," concluded Billings.
