President Zuma Hands Over Permit To Dube Trade Port
President Zuma handed over an operator permit to Dube Trade Port Industrial Development Zone in La Mercy, Durban today. This is going to add a considerable boost to the province’s economy, as this will promote industrialization and awareness of Special Economic Zones.
Earlier this year, The President announced in his State of The Nation Address that focus during this term will be on economic development, with a goal of a 5% growth target by 2019. The Dude Trade Port IDZ is a key factor in this target goal. The expected that the contribution of the Dube Trade Port to the Gross Domestic Product would amount to 5,6 billion rand by 2060.
A year ago the operator permit was handed to the East London Industrial Development Zone, which has already generated much interest in investment. With Dube Trade Port being the first African Airport City, the plans around this development will see huge industrial focus on the city
The 60 Year Master Plan
Having already attracted over 900 million rand in private sector investment, the area looks set to achieve its 60 year master plan. Some of the key goals of this plan are:
- one hundred and fifty thousand two hundred and twenty five jobs unlocked
- Upgraded Roads
- Extension of the cargo terminal
- Increased passenger volumes
- Development of small to medium sized businesses
If the plan is successful, we will see Dube Trade Port contribute up to a staggering 0.5% of the country’s GDP
To help achieve this the government has committed to the following support to the Special Economic Zones:
· Value Added Tax exemption and Customs Duty Free,
· Section 12i Tax Allowance,
· Fifteen per cent corporate tax rate,
· Building Tax Allowance, and
· The Employment Tax Incentive.
The wider context and long-term strategic objective of the Dube Tradeport Project is the establishment of an Aerotropolis in the north of Durban stretching from Umhlanga to Ballito.
What are your views on the development of the Dube Trade Port and the master plan? Let us know your thoughts in the comments below.