24 Nov 2021

Efforts to revive the SPEDU region economy  are beginning to bear fruit in the accelerated investment and employment creation areas.

Briefing councillors during the ongoing Selebi Phikwe Town Council meeting, mayor, Mr Lucas Modimana said SPEDU was currently involved with 92 companies out of which 45 were at advanced stages of development.

The companies were expected to invest about P2.2bn  with  about five per cent or P112.9m financed through Citizen Entrepreneurial Development Agency (CEDA).

He said as at October, 2 443 jobs had been created against a five-year target of 7 000.

Mr Modimana said in an effort to promote market access for companies in the region, to date 23 businesses had been assessed and approved for tax relief while 22 others had been issued with 30 per cent off-take certificates. 

“These have facilitated some companies to start development of their facilities and others have been able to penetrate the local market,” he said.

Mr Modimana said CEDA continued to be instrumental in leading citizen economic participation noting that the  organisation recently launched a cooperatives funding product targeting both financial and non-financial societies.

The product, he said ,was aimed at financing equipment, plant and other assets acquisition, property development and working capital needs.

Mayor Modimana urged the Selebi Phikwe business community to think big along the cooperative model as it had the potential to create jobs and realise the nation’s quest for citizen economic inclusion.

“The national quest of becoming a high income economy by 2036 is not all gloomy if such services are utilised fully,” he said.

Regarding BCL Mine reopening, he said by September, Premium Nickel Resources had acquired part of the mine.

“This gives the town assurance that the mine will open in the near future and create the much needed jobs,” he said. ends