Trade and Industry Deputy Minister Bulelani Magwanishe has welcomed the R502 million investment into the East London Industrial Development Zone (ELIDZ).

The investment, which was also welcomed by MEC for Economic Development, Environmental Affairs and Tourism (DEDEAT) in the Eastern Cape, Oscar Mabuyane, was made by two local investors on Thursday.

The investment by Meek Mines South Africa and Nulatex Condoms South Africa is expected to create 450 jobs for locals.

Magwanishe said a success story emanating from this initiative is the empowerment of people, through employment, access to opportunities and skills development.

“The Department of Trade and Industry (dti), through the Special Economic Zone Fund, has funded the IDZ with R568 million for the development of Phase 1. This will go towards the expansion of the Automotive Supplier Park,” said Magwanishe, who visited the IDZ.