Durban is open for business - US investors told
The United States of America (USA) has pledged a new future investment in the eThekwini Municipality.
Captains of industry from various sectors in the USA are keen to invest in the city following a series of strategic engagements which are being held in that country, led by chairperson of the Economic Development and Planning Committee, Thembo Ntuli.
“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 favourite investment destination,” Mr Ntuli said.
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.
eThekwini City Manager, Musa Mbhele said, “Durban is open for business”. The engagement appraised the USA-based business leaders of Durban’s value proposition where Mr Mbhele presented Durban’s Investment Book and reinforced the city’s position as an attractive business, investment, and tourism destination.
Addressing the delegates in New York during the reSURGEnce investment power breakfast session and activation, Mr Mbhele said they were there 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 Wednesday July 17 to Sunday July 21,” said Mbhele.
He began a series of engagements with investors based in the USA.
Engagements with key investors form part of the city’s aggressive drive to recover the economy after the municipality suffered the triple challenge of Covid-19, the July 2021 unrest, and April 2022 flood disasters, said Mr Mbhele. He added that discussions will centre around eThekwini Municipality’s value proposition, strengthening relations with USA-based investors while also exploring new trade and investment opportunities.
Mr Mbhele 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 will create 214 100 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 of investment in 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.
“New York has a USD 229 billion budget and over USD 1 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 USA market,” said Mr Mbhele.
The activation’s and engagements are also a precursor to the reSURGEnce Conference taking place at the Inkosi Albert Luthuli International Convention Centre (Durban ICC) in July. The 2024 instalment of the reSURGEnce Conference is being hosted for the first time on the African continent.
