A Chinese consortium will invest more than R40 billion ($2.8 billion) in an industrial park specialized in the processing of mining products in South Africa, a statement published on July 14 by the South African Ministry of Trade and Industry revealed.

The consortium which is led by Hong Kong Mining Exchange Company will build and operate the park which will comprise plants that will process ores like chromium, manganese, cooking coal and lime, the same source added.

The park, which will be built in a new special economic area located in the Limpopo (North East) province, should generate overall close to 21,000 jobs.

In South Africa, special economic zones provide many advantages for foreign investors. These include low taxes for companies and flexible custom and administrative procedures. They aim to revitalize the industrial sector and boost economic growth which should be at 0.1% this year according to forecast by the International Monetary Fund (IMF).