NELSON MANDELA BAY INVESTMENT INCENTIVES
The Incentive Policy focuses specifically to attract additional investments from new and existing investors to Nelson Mandela Bayin the following key sectors as identified in the NMBM EGDS:
· Manufacturing sub-sectors: fuel, petroleum, rubber products, wood and related products
· Automotive manufacturing sub-sector
· Tourism and hospitality
· Other knowledge and information sectors (incl. BPO)
The Incentive Policy covers the whole metro, but special focus is on the key economic development nodes as identified in the new NMBM Spatial Development Framework (SDF). Key development nodes in the NMB area include the Port Elizabeth CBD, NMBM Industrial areas, Coega IDZ and Uitenhage-Despatch.
The Incentive Policy is directed at new medium to large investments, as defined by the National Small Business Amendment Act (2003), i.e. new investments that will create 50 or more permanent jobs and have
minimum asset values of between R2 million and R5 million, depending on which sector the business operates.
Types of Incentives offered
The following financial incentives are offered by the NMBM to investors.
· Joint Financing of Feasibility Study and/or Business Plan Development
· Rebate on Municipal Building Plan Approval Costs for Approved Investments
· Discounts on rates and services for new investments
· Discount on Municipal Land and Buildings