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KZN helps exceed presidents investment target

2023-04-17 14:17:49

Trade & Investment KwaZulu-Natal (TIKZN) was at the South Africa Investment Conference, where the province once again made a significant contribution to the country's investment goals, raising billions in investment pledges to help surpass the president's target.

President Cyril Ramaphosa announced a 5-year investment total of R1.5 trillion at the 5th South Africa Investment Conference (SAIC) held in Sandton on April 13. This amount exceeded the R1.2 trillion target he had set at the first conference in 2018 by 26%. Describing the achievement as "stellar," President Ramaphosa acknowledged the challenges posed by the economically devastating COVID pandemic and expressed his satisfaction with surpassing the target. He stated, "For us to have been able to meet our five-year target despite major challenges and disruptions is no mean feat." In his closing remarks, Ramaphosa emphasized that these investments not only bring much-needed economic activity to localities but also support national development goals. He added, "Bringing development and creating jobs is the true measurement of the success of these five conferences."

TIKZN CEO Neville Matjie expressed pride in the work done to attract investments to KZN. Despite global economic downturns caused by the pandemic and adverse events in KZN that shook investor confidence, fulfilling the mandate of promoting the province as a premier investment destination was challenging. Matjie regarded the investment pledges as a testament to the province's resilience and stated, "I see these pledges as not just helping drive the provincial economy, but also as investments in the people of KwaZulu-Natal."

Several companies made investment pledges during the conference. Tri-Medi Canna, for instance, plans to develop and operate a world-class hemp processing facility that sets the standard for the industry and creates an inclusive and sustainable organization for all stakeholders. Their R121 million investment is expected to generate 1200 jobs in the uMgungundlovu District. The construction of the R800 million Serenity Hills Eco Estate in Margate will provide a significant economic boost to the Ugu District. The development will comprise over 25 amenities, 600 housing units, a hotel, and create 1000 jobs. Additionally, the R500 million Renishaw Coastal Precinct in Scottburgh on the South Coast will further contribute to economic growth.

The eThekwini District received investment pledges in the renewable energy, manufacturing, and agriculture sectors from ART Solar, Defy, and RCL Foods/Rainbow Chickens, amounting to R108 million, R288 million, and R620 million, respectively. Furthermore, KZN is poised to benefit from collective investments of nearly R1.4 billion in the province's Special Economic Zones, specifically the Dube TradePort and Richards Bay Industrial Development Zone.

Prior to the conference, TIKZN partnered with the Dube TradePort and Richards Bay Industrial Development Zone to organize a Department of Economic Development, Tourism, and Environmental Affairs (EDTEA) business reception. The event, attended by diplomats, business leaders who pledged at SAIC, and stakeholders based in Gauteng and KZN, featured a keynote address by the KZN Leader of Government Business and MEC Siboniso Duma.
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