The Eastern Cape economy is increasingly modern and export oriented, with great potential for growth of existing industry and establishment of new industry.
Its geographic location, quality sea and air ports, abundance of natural resources and world-class infrastructure bodes particularly well for the growth of export-oriented industry.
The province is committed to providing high-value goods to the world rather than cheap raw materials.
The majority of Eastern Cape’s exports are manufactured goods.
The province is using innovative ways to draw rural people, who survive mostly on subsistence agriculture, migrant labour and welfare grants, into the mainstream economy.
One of the most important of these interventions is the Provincial Development Plan formulated by the provincial government and its social partners in line with the national policy framework for socio-economic planning at provincial level.
Strategic investment destination
The availability of transport infrastructure, land, labour, government incentives, and raw materials, make the province a strategic investment destination for high-potential economic sectors such as agriculture, mining and energy, manufacturing tourism, construction and knowledge-based services.
Within manufacturing, the Eastern Cape is targeted nine industries:
- Light manufacturing
- Capital goods.
The annual Manufacturing Indaba Eastern Cape will be hosting a focused discussion around growing the export market for Eastern Cape manufacturers into Africa.
The buying power of Africa’s middle class continues to grow resulting in more demand for products and services across the continent.
Trade between African countries has the greatest potential for building sustainable economic development and integration, says the African Economic Outlook 2017, a flagship report of the African Development Bank issued in May 2017.