To drive economic growth through attracting new investment projects, boost investor confidence and improve ease of doing business in eThekwini, Mayor Zandile Gumede officially launched the new Invest Durban Unit and Strategy, at the Durban International Convention Centre on 24 November.

The launch was facilitated by Russell Curtis from eThekwini Metro’s Invest Durban Unit and supported by National Treasury and the World Bank.

The Invest Durban Strategy, driven by partnerships between eThekwini Municipality and the private sector, plus other organs of government, will help to promote Durban as Africa’s preferred investment destination. Invest Durban will provide advisory services and support for new and existing foreign investors so that they can easily capitalise on opportunities and best locations for such.

Addressing captains of industry and senior executives representing various spheres of government plus the diplomatic community at the launch, Mayor Gumede said the Invest Durban Team will have significantly increased resources, capacity and leadership support to attract, retain and grow investment in our core sectors.

“In partnership with our other Cluster Units, the Invest Durban Team will also ensure valuable linkages from the new foreign investments into our local small, medium and micro-sized enterprises, plus community participation groups. We are working towards ensuring that more new investments are spread across the City, including our townships and rural areas,” said Mayor Gumede.

Invest Durban Unit will work closely with the Department of Trade and Industry including Invest SA, Trade and Investment KZN (TIKZN), the Durban Chamber of Commerce and Industry, the KZN Growth Coalition, and state-owned enterprises such as Dube TradePort, the Development Bank of Southern Africa, Industrial Development Corporation, and others.

Key partners include the largest banks, audit and advisory firms as well as sector based organised business bodies working together to promote investment in Durban. Similarly, the diplomatic community will be better engaged, informed, and partnered with for mutual investment benefits. The above partnerships will be further formalised and implemented via the new Team Durban Advisory Forum being established.

Russell Curtis from eThekwini Metro’s Invest Durban Unit said, “eThekwini has many advantages including it being the home to one of the continent's biggest ports." Team Durban is an external advisory team that will advise the city leadership on how to attract investment and improve the cost of doing business. Basically, this is a team that will help us target the next investor.” “Invest Durban will target five primary sectors namely automotive industries, logistics, ICT, agri-processing and life sciences including pharmaceuticals, biomedical devices and health services.”

Invest Durban will expand its delivery of a world-class Metro based investor support service, encompassing investment marketing and promotion, investment facilitation and retention activities, plus constructive policy and process advocacy.

Acting Deputy City Manager for the Economic Development Cluster Phillip Sithole said the ‘step-change’ strategy and expanded Unit will benefit Durban and positively impact smaller, local businesses as well.

“The Invest Durban strategy will facilitate sustainable investment in Durban for the benefit of all through the expansion, retention and aftercare of local corporate business within the Metro,” said Sithole.

Prominent private business representatives and government officials agreed that the introduction of the Unit and strategy will expand investment into Durban through better promotion, retention and aftercare of existing multi-national investors. This is addition to marketing and promoting Durban as an investment destination of choice.

invest@durban.gov.za

BENEFITS FOR ETHEKWINI
Developing and implementing an ambitious, professional and appropriately resourced 5-year investment promotion strategy will have the following significant positive impacts for eThekwini:

• Generate new investment and stimulate employment creation
• Generate new SMMEs and support economic transformation
• Create and strengthen value-chains in key economic sectors
• Generate new revenue streams for the City in the form of property rates and taxes
• Introduce new technologies, innovative processes and enhance skills development.

EThekwini can further its leading municipal position in South Africa via this improved, global-best-
practice of investment promotion, for the benefit of ALL."