A TOWN in KwaZulu-Natal hopes to evade the global economic downturn by attracting a R100million foreign investment that will create thousands of jobs.
A Vietnamese company plans to invest in a furniture manufacturing factory and to produce cement roofing in New Hanover.
The project is expected to create more than 4000 jobs in the impoverished uMshathi municipality in the Midlands.
A seven-member delegation from Navifico, led by its chairperson Ton That Manh, met MEC for economic Development Mike Mabuyakhulu in Durban about the project.
The company plans to produce furniture for developing communities.
It already supplies cement roofing to Angola and Ghana, but this will be its first manufacturing plant in Africa.
Mabuyakhulu said South Africa was developing promising relationships with Vietnam.
Mayor Marshal Gwala said the investment would mean much to the local community.
Manh said his company was in the country "to show our experience with cement roofing".