Hon House Chairperson, I move without notice:
That the Council -
1) notes and welcomes the appreciation that despite the deteriorating local and global economic investment environment, which has resulted in most of South Africa's special economic zones, SEZs, struggling to attract investment, Coega SEZ which is operated by the Coega Development Corporation in Port Elizabeth is riding the investment wave;
2) also notes that the Coega SEZ celebrates its 40th anniversary this year, and currently has 45 operating investor tenants;
3) further notes that the inflow of new investments would drive job creation in the Eastern Cape, a region with an unemployment rate of 32%, and help diversify the region's economy, which is heavily reliant on the automotive industry;
4) therefore commends the SEZ in their mission to be a competitive investment location supported by value-added business services, which effectively enables socioeconomic development in the Eastern Cape and the rest of South Africa.
Motion agreed to in accordance with section 65 of the Constitution.