KwaZulu-Natal Premier Thamsanqa Ntuli came out of the KZN Investment Conference all-smiles after R76 billion was pledged to the provincial economy. | KZN Government
Durban — In a significant boost to the struggling economy of KwaZulu-Natal, over R76 billion has been pledged during a recent two-day Investment Conference, promising the creation of approximately 68 000 jobs in the province.
This announcement is a lifeline for a province that has faced many challenges, including the July 2021 riots and deadly floods in 2022, all of which have left hundreds dead and countless others displaced, placing severe pressure on the already strained provincial economy.
The two-day conference that concluded on Tuesday was held at the Inkosi Albert Luthuli International Convention Centre (ICC).
Ebrahim Patel, chairperson of the International Trade and Investment Committee at the Minara Chamber of Commerce, expressed optimism in reaction to the conference outcomes during his interview with the Daily News after the event.
“The announcement by the private sector of tangible investments worth over R76bn indicates strong confidence in the province among business leaders and investors,” he said.
Patel highlighted that investments in the property, manufacturing, and industrial sectors would not only contribute to job creation but would lead to a stream of opportunities for “second and third-tier suppliers, driving local economic development”.
He said this would result in job opportunities for the unemployed.
However, he cautioned that this renewed confidence must be matched with a stronger focus on increasing manufacturing output.
“While South Africa registered a trade surplus of R54bn in Q2 2024, KZN recorded a trade deficit of R3.2bn during the same period,” he said.
Patel bemoaned the state's deteriorating infrastructure, saying this significantly hampers supply chains and logistics, with damage to the rail network critically affecting exports.
He called on the government to improve rail, port, and road infrastructure as a matter of urgency to harness the full potential of these investments.
The conference was attended by key figures, including the Minister of Trade, Industry and Competition, Parks Tau, and KZN MEC for Economic Development, Tourism and Environmental Affairs, Reverend Musa Zondi.
During his opening address, KZN Premier Thamsanqa Ntuli highlighted the province’s tremendous potential for trade and investment growth towards 2030, aligning with the National Development Plan (NDP).
Ntuli pointed out that KZN has made notable strides in attracting investments across various sectors over the past decade, citing the Dube TradePort as a major success story.
Having attracted over R2 billion in investments, this facility has become a vital hub for warehousing, logistics, and air freight.
Additionally, the Dube AgriZone, part of this trade zone, has begun welcoming investors in hydroponics and export-focused agriculture, representing a sector with promising growth potential, he said.
“We are building on a strong foundation, but we must reinvigorate our strategies. KZN has become a key player in the automotive supply chain, attracting global manufacturers and suppliers. Retaining and expanding this role sustainably remains a priority,” said Ntuli.
He also stressed that KZN remains an established destination for tourism, calling attention to significant investments in hospitality infrastructure, including the recent reopening of the Hilton Hotel and ongoing developments along the Durban Beach promenade.
However, he warned that the province is “notably absent in long-haul inbound tourism packages, an oversight officials are determined to rectify.”
Despite the optimism stemming from the conference, Ntuli said the province continues to grapple with challenges that require immediate attention.
The decline in South Africa's freight rail services, exacerbated by underinvestment and criminal activity, poses a substantial threat to the operational efficiency of Transnet, and ultimately jeopardises the long-term viability of KZN’s logistics sector, he concluded.
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