The eThekwini Economic Council is a milestone in the City's journey towards a broad social compact that will confront the challenges that impact the growth of the City's economy.

The Council will provide expert and cross-sectoral advice to the City's leadership on economic development, investment promotion and ensuring that there is an enabling environment for business within eThekwini.

"We are a government that is committed to genuine consultation with all stakeholders, hence today we are entering in a social compact between government, organised labour, business, academia, traditional leadership, interfaith and civil society as a commitment to grow the city's economy and build a better life for all," said eThekwini Mayor Kaunda.

The Council give guidance in the implementation of the postCOVID-19 Pandemic Economic Recovery Strategy and the Radical Socio-Economic Transformation Programme.

These include the following:
• Increasing manufacturing capacity of local industries
• A minimum of 30% of the city's procurement spend must be utilised to establish a sustainable social solidarity economy driven by social enterprise
• Introduce Infrastructure Procurement Reforms to drive Emerging Contractor Development Programmes
• Implement an Oceans Economy Business Strategy
• Establish a BBBEE Council to monitor the implementation, performance and enforcement of Sector BBBEE Charters in the Metro
• Establish an Enterprise and Supplier Development Fund to drive value chain beneficiation, support the informal & township economy, SMME and Social Enterprise Development Implement a skills revolution master plan and syndicate Skills Development Funds across government, private sector and donors focusing on skills for the future;
• Align key economic sectors to higher education institutions to create specialised centres of excellence in the production of skills for the new economy
• Collaboration with the Government Warehouse Platform to support the local informal, township and rural economy;
• Align the Implementation of Agri Parks Programme with rural economic development initiatives
• Develop appropriate stimulus packages focused on reducing the cost of doing business for destressed sectors such as tourism sector and manufacturing
• Implement energy reforms driven by renewable energy Utilise the Green Economy to create jobs and support Social Enterprises.