KwaZulu-Natal economy to receive multi-billion capital injection in the next few months
27 August 2019
KwaZulu-Natal is set to prove, yet again, its attractiveness to investors when two international conglomerates open up their doors in the province later this year.
Addressing captains of industry during the KwaZulu-Natal Growth Coalition business breakfast in Durban today, KZN Premier Mr Sihle Zikalala said the provincial government’s investment attraction strategy was paying handsome dividends, adding that the planned investments would have a substantial impact on the economy.
Investments on the horizon for the province include a R6.5 billion commitment by the Richards Bay Minerals’ (RBM), a R1,5 billion investment by the Mara Group which it has injected into its cellphone manufacturing operations at the Dube Trade Port SEZ, a R40 billion investment by Toyota, R1-billion from Sumitomo Rubber and an R8 billion investment from Mondi.
“Before the end of this year, we will join RBM and the Mara Group in celebrating their decision to choose KwaZulu-Natal as their preferred investment destination. We are confident that we will have more investors coming to our province as we are doing everything possible to create an environment suitable for businesses to thrive,” the Premier added.
The Premier's sentiments were shared by the MEC for Economic Development, Tourism and Environmental Affairs, Ms Nomusa Dube-Ncube who, speaking at the breakfast, said: "The province will host an International Investment conference next month in Durban as part of our drive to attract yet more investment.
“Our goal is to create a new City within the King Shaka International Airport precinct. We are moving with speed. This is a vision anchored in our Aerotropolis Strategy to convert the land within the King Shaka International Airport into the first Airport City in Africa,” added Dube-Ncube.
She said the province would also next month undertake investments missions. “We will focus on attracting foreign direct investments into our special economic zones and different parts of this province. We believe that foreign direct investment will help create revenue streams for more investments in social infrastructure such as education and health.”
Mr Zikalala assured the business sector that the provincial government was doing everything to ensure that the delivery of services was improved in major cities such as the eThekwini Metro and the Msunduzi Municipality.
Issued by Bongani Tembe on behalf of KZN Office of the Premier, 27 August 2019
