R200bn investment for KZN economy

Friday, October 12, 2018

More than R200 billion will be invested in the economy of KwaZulu-Natal in the next few years, says the MEC for Economic Development, Tourism and Environmental Affairs Sihle Zikalala.

The MEC said the province had packaged a list of 25 projects, worth more than R200 billion, as part of its contribution to the national investment drive launched by President Cyril Ramaphosa recently.

The opportunities cover a range of sectors from agro-processing, film and media productions, manufacturing, logistics, medical, property development and tourism.

“We are excited that the investment opportunities that we have unveiled will create 800 000 temporary jobs during the construction and development phase of the projects and a further 410 000 permanent jobs in the short to long term,” Zikalala said.

Addressing the investment seminar in Durban on Friday, the MEC said the projects would benefit people in all corners of KwaZulu-Natal.

“All these projects and development sites have already been secured and are in the process of implementation, including the acquisition of funding and undertaking of feasibility studies,” he said.

The investments are spread across the province including areas in KwaDukuza, eThekwini, Mandeni, uMuziwabantu and uMhlathuze municipalities. 

KwaZulu-Natal will conduct an annual review of the opportunities to assess progress on implementation, as well as add on new developments.

The list of investment opportunities were handed over to Phumzile Langeni, a Special Investment Envoy to the President.

The opportunities will be combined with those of other provinces, which will help South Africa achieve its target of securing US$100 billion of new investments over five years.

Zikalala said the list of investment opportunities had been compiled at a time when there is growing enthusiasm for local and international companies to invest in the province.

KwaZulu-Natal’s two special economic zones have attracted billions of rand worth of investments and are expected to create hundreds of jobs. 

“The Dube Trade Port is commencing with Phase Two, which will create more industrial space for investors as Phase One is already fully occupied. At the same time, the Richards Bay Industrial Development Zone is playing a crucial role in investment attraction.

“We commend the province for responding positively to the President’s call to put more efforts in attracting investments so that we can grow the economy and create jobs. We are happy that the projects that have been unveiled today will create thousands of jobs,” he said. – SAnews.gov.za