The eThekwini's new Investment Promotion Strategy and Implementation Plan which was approved by the Full Council sitting on 1 August is set to take the City's international investment attraction and retention plans to greater heights.

In co-crafting the strategy with the Council, Acting DCM Phillip Sithole said the plan aims to facilitate sustainable investment in Durban for the benefit of all through expansion, retention and aftercare of the existing multinational investors, plus a targeted attraction of significant new FDI (Foreign Direct Investment).

He said it also entails proactively marketing the City's large investment projects, infrastructure development and core growth strategies to better position Durban as one of the most preferred African investment destinations.

Furthermore, amongst the core objectives it will follow a focused investor relationship management, marketing and communication strategy with a healthy focus on broad-based empowerment and local partnerships.

Russell Curtis from Invest Durban, the Unit to be responsible for implementation, said after attracting prospective foreign investors to the City, the strategy will offer enhanced investment facilitation support, plus material incentives to accelerate the processes.

Curtis said the strategy is aligned to the Council-adopted eThekwini Economic Development and Job Creation Strategy which highlights a 'step-change' for the attraction of foreign direct investment as a key pillar in Durban's future.

Mr Sithole said the City was guided by National Treasury, with expert support from the World Bank Group throughout the process of developing the new investment practise in order to ensure more optimal delivery of investment promotion for the benefit of all.

He said the strategy which is of international best-practice standard will generate new revenue streams for the Municipality, introduce new technologies and innovative processes to the local economy, and enhance skills development.

Of primary importance, it will ensure that we collectively boost investment, create meaningful new jobs and stimulate value chains via enterprise supplier development.

"This is expected to generate up to R3 billion in new investment and accelerate employment creation of up to 3 300 permanent jobs within a five-year period of implementation. It will generate new businesses, promote economic transformation and strengthen local value-chains in key economic sectors," said Sithole.

He added that implementation will now get underway with a broader and more direct partnership with global and local business leadership being formed, known as 'Team Durban'. This will also assist Council by identifying potential new foreign direct investment opportunities and facilitating business linkages, policy improvements, and optimisation of the investment environment.

As parts of the newly adopted strategy 'Invest Durban' was introduced as the new refreshed investment promotion brand for the Unit being formed within Sithole's Cluster of Economic Development and Planning.

"The refreshed brand name is an implementation of the World Bank's recommendations as our global competitors are well branded, such as Invest Macedonia, Invest Hong Kong and Investing in Singapore. eThekwini is now delivering according to a more innovative, modern, easily identified and global standard," Sithole said.

Curtis said there will be preparations with the City Manager and the Mayor's Suite. The Mayor to publicly launch this milestone development to industry's role players, stakeholders and the public by the end of September. He added that with 'Invest Durban', eThekwini is now demonstrating an immediate and aligned call to action, in partnership with business.

The entire full council welcomed the 'step-change' move which is earmarked to ultimately address the three structural economic challenges of unemployment, poverty and inequality.

Mayor Zandile Gumede said investment has been identified as the cornerstone of economic growth, adding that while eThekwini has successfully attracted investment before, this process was necessary to gain global best practise to retain the existing, and lure more foreign investment.

"We remain firmly committed and support all activities aimed at driving inclusive growth and job creation, which will be delivered by our newly approved investment promotion strategy," added the Mayor.