The East London Industrial Development Zone (ELIDZ) has received a massive boost with a R502-million investment recently announced by Meek Mines South Africa and Nulatex Condoms.

The money is expected to directly create 450 new jobs from the two companies moving into the area.

Meek a diamond beneficiation company is looking to create 150 jobs over a five year period starting in 2019 and will inject a total of R423-million into the ELIDZ economy, while Nulatex is expected to inject R79-million and create roughly 300 new jobs from next year.

Member of the executive committee for economic development, environmental affairs and tourism in Eastern Cape province Oscar Mabuyane said the development would contribute to the growth of the region’s economy.

“We are pleased as the province that 450 people from our province will no longer be counted amongst the unemployed. They will be able to participate fully in the economy and realise their dreams,” he said.