The proposed Musina-Makhado Special Economic Zone , a taxpayer-subsidised project backed by the SA and Chinese governments, is likely to be another hefty blow to the country’s ailing steel and cement sectors if it goes ahead.
The steel industry is already on its knees in the face of weak demand in our own backyard and an oversupply of steel on the global market, which is forcing prices and margins lower. Its struggles have been compounded by persistent load-shedding and electricity tariff hikes. Considering the state of the SA steel and cement sectors, the direct introduction of subsidised foreign competitors makes no sense. Unlike their SA counterparts outside the SEZ, the foreign investors in the Chinese operator-controlled zone will be granted significant corporate tax breaks , import duty protection and an escape from costly encumbrances such as the right to strike.
The plans for the funding of the zone are equally as opaque. Agreements from roadshows since 2014 show that the Industrial Development Corporation , the China Development Bank and the China Africa Development Fund will be involved. And, of course, the SA taxpayer.
Just demonstrates the chaotic and confused policies of the DTI.
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This is bad for an already bad local economy
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