Siboniso Duma attends investment forum in Turkey
Duma said KZN is a province that is known as a Gateway to Africa and the world.
“For us, the people of KwaZulu-Natal Province, the World Business Angels Investment Forum represent hope for a better future.”
These are the words of KwaZulu-Natal MEC for the Department of Economic Development, Tourism, and Environmental Affairs, Siboniso Duma, when he was speaking during the 2022 World Business Angels Investment Forum in Turkey recently.
Duma told attendees of the forum that he comes from a province with leaders who are doubling their efforts to usher in a new era of socio-economic development not only in South Africa but in Africa.
He added that they are a province that is known as a Gateway to Africa and the world.
“On July 9, the Organization of African Union (OAU) metamorphosed into the African Union (AU). We are proud that the AU was launched in our beautiful province – KwaZulu-Natal – in the city of eThekwini, Durban. This event brought together 53 member states who collectively agreed to work towards addressing challenges such as unemployment, poverty and inequality. Today, as the world strides forward, as KZN government we are looking for partners who will work with us in order to usher in a new socio-economic development trajectory. Importantly, being part of this instalment of the World Business Angels Investment Forum 2022, which is taking place in this beautiful city of Antalya, presents endless opportunities for us. We remain grateful,” said Duma.
He added in South Africa, late President Nelson Mandela and one of the world’s greatest statemen taught the values of ubuntu, which means that I am because you are.
He said this is what the people of Antalya are about: warm, welcoming and hospitable.
“By making us feel so welcome here, you have reinforced our enduring belief in the value of shared humanity. This investment conference, which comes after two years after the world was buffeted by the Covid-19 pandemic could not have come at a better time. As all of us know, the Covid- 19 pandemic, did not only throw the whole world into a global tailspin, but it disrupted global supply chain networks, which caused untold damage to the global economy. Because of the fact that, we now live in a borderless world destiny has condemned us to a fate of interconnectedness, which means that no man or country is an island. We, therefore, all have a stake in our collective future,” he said.
He added: “We meet here when the global economy recovery is facing challenges because of a number of factors. This conference is therefore of critical importance because it is about our collective resolve as delegates to come up with a roadmap to support start-ups. The fact that theme of the conference is Inclusive Growth: Global Economy, Growth Strategies, Employment and Investment Strategies, speaks to the urgency of the situation to take drastic measures to crank up the global economy using start-ups. This has assumed critical importance given the dire global economy outlook and the global crisis of the rise in the cost of living. According to estimates, the global value of angel investment is over $50 billion every year. As the province of KwaZulu-Natal, we want to have a slice of this investment to support our entrepreneurs.”
In this regard, Duma added, ‘it would be remiss of me not to talk about KZN and the investment opportunities that it offers’.
He said they are located on the southern seaboard of South Africa, saying that the province boasts more than 900 kilometres of pristine coastline.
“Our biggest comparative advantage is that we are home to South Africa’s two biggest ports, making our province one of the country’s key economic hubs. Our province has the second largest economy in South Africa and contributes approximately 18% towards the country’s GDP. Our province is very competitive in manufacturing, trade, business services, transport and communications together with aluminium conversion, fabricated products, automotive components, conversion electronics, engineering, metal works, petrochemicals , automotive and wood products. The diversified nature of our economy is a key strength that has enabled it to withstand the vagaries of the global economic storms. In short, we want to send a clear message that our province is open for business. Programme Director, according to a study by the World Bank, Small and Medium Enterprises (SMEs) account for the majority of businesses world-wide. The report states that SMEs account for 90% and more than 50% of employment world-wide,” he said.
He added: “According to estimates, 600 million jobs will be needed by 2030 to absorb the global workforce, making the SME sector a high priority. As the province of KwaZulu-Natal, we are also working purposefully to drive the agenda of small business development. Given the history of our country, we believe that SMEs offer the biggest potential for us to radically transform our economy to create inclusive growth Programme Director, we also have a programme called Black Industrialist programme where we are deliberately intervening in the economy to ensure that we support black industrialists with instruments such as finance. We, therefore, call on all the investors gathered here to come to our province to explore opportunities and partner with our business people to create a win-win situation. The fact of the matter is that finance and capital, remain the biggest barrier to entry for most businesses globally As KwaZulu Natal, we are ready to roll out the red carpet for you, to give you all the support you will need in order to operate in our province. We are ready to hold your hand to ensure that your landing is smooth.”
Duma said they are fast-tracking the entry of women into the following sectors: “The manufacturing sector has been for some time, and still is the backbone of our economy. This is a key labour creating sector in the KZN economy. The tourism sector is showing very strong signs of growth post Covid-19. KZN once again is maintaining the top position of having the highest number of domestic tourist arrivals in the country. On the international market, we remain second. We want women to own tourism products and facilities. The automotive sector is a particular sector that served this province extremely well and it one that this province has paid particular attention to as catalyst for economic development and job creation. The development of an Automotive Supplier Park in the South of Durban, in a manner that meet the objectives of economic transformation, therefore remains a high priority. We will be ensuring that women are integrated into this supplier park not only as employees but as owners. Despite its size, the mining sector in KwaZulu-Natal remains key to the provincial economy. Other than the direct employment, output and foreign exchange contribution of the sector, it is clear that a number of synergies exist between the mining industries and other secondary sector players in the province, hence potential for beneficiation along the mineral value chains. We are exploring convening a Women in Mining Summit in order to fully explore opportunities for women in this sector. We want to work with you in this regard.”
He added: “The Maritime Sector. Being a coastal province we have not yet maximised our marine economy and we recognise the potential of this sector to contribute to economic growth and development, not only to KZN, but to the rest of Africa and the world. Once again, we want to work with you around this sector. The clothing and textiles sector is a labour absorbing sector. And I believe that women have an important role to play to grow this sector even further. In order to support more women in this sector, as the department we are looking for partners in Turkey. In addition, we want youth owned enterprises and those owned by people living with disabilities, to enter these sectors of the economy. This is one area that we also wish to explore for future partnership. The people of KwaZulu-Natal and South Africa as a whole are excited that this conference will take place on our shores next year. They are looking forwards to hosting you.”
HAVE YOUR SAY
Like the South Coast Fever’s Facebook page
