THE KwaZulu-Natal Provincial Government and Trade & Investment KwaZulu-Natal hosted an investment conference, themed, “Unlocking KZN’s Economic Potential: Driving Trade and Investment to Transform the Province’s Future” at Durban’s International Convention Centre on 11 – 2 November 2024.
According to the provincial government, the event demonstrated the province’s potential as a prime investment destination.
On the first day, 16 companies committed to investing a collective R75.8 billion in the province. Investors pledged support across various sectors, including infrastructure development, which is critical for economic growth.
- Westown Shongweni R15 billion
- Sappi Southern Africa R10,8 billion
- Sortor Investments R10 billion
- Devmco Group R5,9 billion
- Edison Property Group R4,2 billion
- P&G Construction R3,6 billion
- Toyota South Africa Motors R2,7 billion
- Collins Residential R10 billion
- Natal Portland Cement R1,2 billion
- Moolman Group R1,5 billion
- Insimbi Ridge R1 billion
- Richards Bay Minerals R850 million
- Defy Appliances R500 million
- Tinley Leisure R2,3 billion
- Edstan Group R5,4 billion
- Growthpoint R800 million
Some of these projects are already underway, while others have yet to start.
In addition to these pledges, Zero Carbon Charge (Charge) pledged R9.4 billion at the conference to develop off-grid renewably powered electric vehicle (EV) charging infrastructure across the province.
Charge also signed a memorandum of understanding (MOU) with the Department of Economic Development, Tourism and Environmental Affairs (EDTEA) in support of this project.
Premier promotes the province
On the opening day, KwaZulu-Natal Premier Thamsanqa Ntuli delivered a keynote address underscoring KZN’s commitment to economic development, trade, and investment growth toward 2030, aligned with the province’s broader strategic priorities.
Ntuli said that over the past decade, KZN has attracted significant investments in key sectors, notably through developments at the Durban and Richards Bay Ports, two of Africa’s largest and busiest maritime hubs. Enhanced container capacity, automation, and infrastructure upgrades have strengthened KZN’s position as a regional logistics powerhouse. Similarly, the Dube TradePort, adjacent to King Shaka International Airport, has drawn over R2 billion in investments, cementing its role in warehousing, logistics, and agriculture, including the Dube AgriZone, a major hub for export-focused agri-business.
eflecting on the 2019 Provincial Trade and Investment Strategy, Premier Ntuli highlighted achievements and areas for intensified efforts. The strategy targeted R76 billion in new and expansionary investments by 2024, alongside the creation of approximately 68,000 jobs and an increase in KZN’s national export value to R1.28 trillion. While projections indicate these targets may not be fully met by the year’s end, the Premier emphasized the need to redouble efforts in investment initiatives.
Ntuli said the Richards Bay Industrial Development Zone (RBIDZ) has fuelled growth in heavy industry and energy, particularly in metals like aluminium and steel, generating jobs and boosting export potential. Renewable energy investments, particularly in biomass and solar, have diversified KZN’s energy landscape, with biofuel production from the sugarcane industry enhancing the province’s green economy credentials.
KZN’s strong agricultural sector has attracted investments in agro-processing, supporting industries such as sugar refining, dairy processing, and timber. This growth is further supported by a thriving food and beverage industry, pharmaceutical, and packaging sectors, benefiting from proximity to key ports and an expanding consumer base.
Tourism also remains central to KZN’s economy, supported by new hospitality investments, including the reopening of the international Hilton Hotel and the Durban Beach promenade renewal. Noting KZN’s absence from many long-haul tourist packages, Ntuli stressed the importance of positioning KZN as a key destination for international tourism.
Ntuli highlighted several strategic assets crucial to KZN’s competitive advantage: expanded port capacities, Special Economic Zones (SEZs) like Richards Bay and Dube TradePort, and streamlined regulatory and tax incentives to attract foreign and local investments. He urged stakeholders to seize the opportunities presented by the African Continental Free Trade Area (AfCFTA), which offers KZN unprecedented access to a $3.4 trillion market.
Recognising challenges, the Premier addressed issues in freight rail services and port bottlenecks, emphasizing that public-private partnerships could unlock efficiencies. He also called attention to KZN’s role in automotive manufacturing, underscoring opportunities in electric vehicle (EV) component production to tap into Africa’s growing EV market.
Sustainable growth initiatives, including green hydrogen, biomass, and digital innovation, are essential for positioning KZN as a leader in the renewable and digital economies. Collaboration with local universities and technology firms is building a skilled workforce to support industries like IT, finance, and business outsourcing, further enhancing KZN’s role as a technology and logistics hub.
In his concluding remarks, Premier Ntuli emphasized the importance of resilient infrastructure, sustainable energy investments, and inclusive growth that extends to all municipalities, cities, and rural areas. He issued a call to action for deeper engagement with rural and municipal stakeholders, ensuring these areas are active participants and beneficiaries in KZN’s economic growth.
He said KwaZulu-Natal’s vision is clear: a balanced, resilient provincial economy that thrives through collective prosperity across all regions, setting a strong foundation for KZN as a gateway for African and global trade.
