KZN prepares to host World Economic Forum
Province expected to benefit R155-million and 512 new jobs from event
PROVINCIAL government hopes to enhance KZN’s economic prospects by hosting the African leg of the World Economic Forum in Durban from 3 to 5 May.
Addressing the media Monday, KZN MEC for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala said the gathering with regional and global leaders from business, government and civil society could reap significant rewards for the province.
‘Investment attraction and retention are critical pillars of our strategy for accelerated and inclusive economic development.
‘Thus, for us, the attraction of foreign direct investment is a viable strategy for growing the economy and for solving such challenges as unemployment, the acquisition of skills and technology transfer.
‘The reason we have lobbied for WEF Africa to come to Durban is precisely because of its immense potential to enhance the brand equity of both the city and KZN.
‘The estimated direct impact of hosting this event will be at least R64-million, with a total impact of some R155-million.
‘The estimated job years that will be sustained or generated as a result of this ground-breaking event will be at least 512.’
He further stated the direct impact of all business events throughout KZN for this financial year alone is expected to be as much as R450-million with a total macro-economic impact of about R1-billion.
‘Over the next three years, the total direct impact from our Meetings, Incentives, Conventions and Exhibitions (MICE) will be in the region of R1.1-billion which would translate into an estimated R2.2-billion in macro-economic impact.
‘We want to again emphasise the point that our government, as a critical player in the MICE attraction value chain, continues to inject money, provide support and ensure that it provides the necessary world class infrastructure in order to ensure that we attract coveted conferences and conventions into this province.’
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