Open for business: eThekwini bosses on mission to woo US-based investors to Durban
The eThekwini Municipality is upbeat about its economic prospects after investors and captains of industry from various sectors in the United States of America (USA) pledged new future investments.
This follows a series of strategic engagements which are being held in the USA, led by chairperson of the economic development and planning committee, councillor Thembo Ntuli.
The municipality said this is a welcome boost for the City and an overwhelming vote of confidence in the economic fundamentals which define Durban as a conducive and favourable investment destination.
As part of the investment promotion process embarked on by the city, engagements are under way with business leaders and discussions are centred around trade and investment opportunities in various sectors including property development, education, sports, agriculture, arts and culture.
The overarching message delivered by eThekwini City Manager Musa Mbhele is that ‘Durban is open for business’.
During the ongoing engagements, the eThekwini delegation has appraised the USA-based business leaders of Durban’s value propositions where Mbhele presented the city’s investment book and reinforced its position as an attractive business, investment, and tourism destination.
Addressing delegates in New York during the reSURGEnce investment power breakfast session and activation, Mbhele said the US-based investors are invited to venture into Durban.
“We are here to cement linkages between Durban and USA-based investors and businesses. We invite you to work with us, invest with us, reap the enormous benefits that will flow out of this reSURGEnce Conference which will be held in Durban from 17 to 21 July 2024,” said Mbhele.
He highlighted some of the high impact catalytic projects under way in Durban such as the Dube Trade Port and Whetstone development, which has an investment value of R54 billion and is envisaged to create more than 200,000 jobs.
Other projects include the Keystone Logistics Park in Hammarsdale, Westown in Shongweni and the Dry Port in Cato Ridge, which will inject R33 billion worth of investment into the outer west region.
MSC South Africa has also opened a new 15,000-square-meter cold storage facility in Durban, significantly enhancing the region's trade capabilities. This facility, launched by MSC's logistics division MEDLOG, is designed to improve the handling and storage of perishable goods, boosting South Africa's ability to improve import and exports products, notably citrus fruits to markets in Europe, the Middle East, and Asia.
Mbhele said there has been growing appetite by investors to extend their tentacles into the coastal city.
“New York has a USD229 billion budget and over USD1 trillion in pension funds and they are looking to maximise on investment opportunities outside of their country. As the City, we want to forge partnerships where our local investors also exploit opportunities in the United States of America market. This continued appetite by investors to come to our City is a vote of confidence to our rebuilding efforts,” said Mbhele.
The activations and engagements are also a precursor to the reSURGEnce Conference taking place at the Inkosi Albert Luthuli International Convention Centre (Durban ICC) from 17 to 21 July.
The 2024 instalment of the reSURGEnce Conference is being hosted for the first time on the African continent.
“The City of Durban is a world-class and viable trade and investment destination to members of the diplomatic corps, high net worth individuals and business organisations,” said Ntuli.
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