Untapped business potential discussed
MARITIME and the green economy were among the priority sectors discussed at the Trade and Investment KwaZulu-Natal (TIKZN) roadshow in Richards Bay last week.
The purpose of the engagement session was to discuss economic development opportunities and job creation in the King Cetshwayo District.
Local Economic Development Manager,
Sabelo Sibisi, said a maritime strategy has been developed.
‘We identified a lot of opportunities within those sectors for local businesses. ‘People have shown very little interest in this sector, particularly black-owned businesses, because there is an assumption that it is for a particular group.
‘What we need to do, through the partnership with TIKZN, is to identify investors that have an interest in uplifting people in these sectors.’
Marine sub-sectors identified include aquaculture, marine manufacturing and marine and coastal tourism.
Sibisi also highlighted green economy and tourism among the industries with great economic potential.
Ithala Bank Divisional Manager for Investment Finance, Nkosikhona Mbatha, said there is ‘hidden gold’ in these sectors, but very few people are exploring that space.
‘We want more people approaching us for funding to venture into these sectors,’ he said.
District Mayor Nonhle Mkhulisi said there are several projects under way, making the district an attractive destination for investors.
‘The N2 highway links the district to other significant economic centres such as Durban and Johannesburg. It also offers a direct route to Maputo in Mozambique.
‘The development of the Richards Bay Industrial Development Zone has boosted economic activities in the municipality and attracted international investors.’
She said at the Port of Richards Bay there are plans in place to expand container terminals to increase export capacity of goods produced locally.
‘This district is largely rural and an increase in exporting agro-processed products will contribute immensely to the economy of the district.’
Sharing his journey, local businessman Cyril Mthethwa encouraged entrepreneurs not to allow circumstances to deter their goals.
‘I started as a security guard at a retail store where I earned a monthly salary of R1 700.
‘Despite the negative sentiments of my peers, I took a loan and built the Ingamla guest house.
‘If you are not privileged to obtain a formal education, entrepreneurship is an alternative option to earn an income.’
Maritime, green economy and tourism offer great opportunities