Trade and Industry Minister Rob Davies has welcomed the R150-million Chinese investment at the Dube Trade Port which will build local capacity in the manufacturing of fibre optic cables and generate employment opportunities for locals.
Yangtze Optics Africa Cable is a R150-million investment to set up and operate a modern optical fibre cable manufacturing plant in South Africa, by Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) from China, and Mustek Limited, a JSE listed company.
Minister Davies said the investment follows the China-Africa Forum that took place in December 2015 and the recent Bi-National Commission (BNC) with China last month.
He said it is a boost in terms of the countries’ bilateral relations and shows China’s commitment to building industrial capacity on the African continent.
According to Davies, the Chinese Vice President, Dr Li Yuanchou (pictured above), commended South Africa for building world-class infrastructure to attract investment.
The optical fibre cable plant will have an initial capacity of 1 million fibre kilometres; and will manufacture a range of optical fibre cable products for South Africa’s IT and broadband market, as well as key export markets in West and East Africa.
“The construction on the optical fibre cable plant started in May this year… and was completed by end of November 2016, a mere six months from the start of the plant construction,” said the Minister.
The new manufacturing facility is expected to create a number of hi-tech new jobs within the sector and will include “technical skills transfer training” from the Chinese company.
“The YOAC investment further signifies that South Africa remains an attractive investment destination for hi-tech advanced manufacturing sectors and reinforces our collaboration on a bilateral level with China,” says Minister Davies.