Durban's International Convention Centre
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The Inkosi Albert Luthuli International Convention Centre (Durban ICC) is set to establish a World Trade Centre (WTC) as part of a bold initiative to boost the city's competitiveness in global trade and investment.
The Durban City Executive Committee has recommended Council approval for the acquisition of a World Trade Centre licence from the World Trade Centre’s Association (WTCA), a move that will place Durban alongside over 300 World Trade Centres spread across 100 countries worldwide. The acquisition will grant the city access to valuable resources and opportunities, strengthening its position as a key player in international business.
This new development is aligned with the City’s Economic Development Strategy, “Shape Durban,” that aims to establish Durban as Africa’s gateway to global trade and investment. The establishment of a WTC will create a dedicated trade hub, providing a comprehensive range of services and amenities to support local and international businesses.
Under the new WTC licence, the Durban ICC will rebrand itself as the "World Trade Centre Durban," making it the only such facility in South Africa. The rebranding will enable the ICC to attract a variety of global companies, government organisations, and non-governmental bodies, facilitating further investment and trade-related activities within the centre.
The cost of acquiring the WTC licence is approximately 300 000 US dollars, which, at an exchange rate of R18.60 to the US dollar, amounts to about R5.58 million. However, the final amount paid will be subject to exchange rate fluctuations at the time of payment.
To fund the acquisition, the City will reprioritise R3.58 million from the capital budget allocated for a HVAC chiller replacement, as per the Council resolution from August 2024.
The remaining R2 million will come from savings within the Economic Development and Planning Unit, including funds from Grant-in-Aid and hire charges.
One of the key benefits of the project is the creation of job opportunities and skills development for the local workforce, both directly and indirectly. The initiative will also leverage Durban's existing assets, such as its port, airport, manufacturing sector, and ICT infrastructure, to enhance the city's global market competitiveness and economic growth.
This move is expected to attract more international trade and investment to Durban, contributing to its ongoing economic development and establishing the city as a global hub for commerce.