KwaZulu-Natal Business 2016-17 edition

PROFILE
Opus1 & Mooi River Textiles, a home textiles company in Tongaat, KwaZulu-Natal.
economy is now the second-largest provincial
economy, with growing tourism, manufacturing
and agro-processing sectors.
“The provincial government of KZN has recognised
that investment is critical for the growth of the province's
economy. It therefore aims to create an
environment that is conducive for investment.
Both the provincial and local government have
invested in infrastructure to promote a supportive
environment for businesses and entrepreneurship
to flourish.
"The KZN economy is driven largely by manufacturing,
which includes key economic sectors
such as metals, chemicals, textiles, tourism and
agro-processing,” says Moodley.
Despite the numerous activities taking place in
KZN, like the rest of the South African economy,
the province is experiencing a sluggish economic
performance. The KwaZulu-Natal Treasury reported
during the March 2016 Budget Vote, that the province’s
economy is expected to grow by 0.6% in
2016, gradually improving to 1.3% in 2017.
The IDC aims to provide further funding in support
of industrial capacity development as this is
a key component for future growth of our economy.
According to Moodley, the IDC’s mission
in KwaZulu-Natal is to promote entrepreneurship
through building competitive industries and
enterprises based on sound business principles.
“The IDC has been stimulating KZN's economy
by extending its reach and focusing on smaller
municipalities in rural and outlying areas within the
province. We work closely with key stakeholders
to be at the centre of industrial development and
job creation across the province,” says Moodley.
41 KWAZULU-NATAL BUSINESS 2016/17