A key message that we want to portray in these pages is that KwaZulu-Natal is open to both local and foreign investment. This is evident not only in theory but in practice.

KwaZulu-Natal has many advantages to offer. The province has two ports â€" Richards Bay and Durban â€" which are supported by reliable infrastructure, sound communication channels and adequate energy. Currently, we are exploring additional energy options, through diversifying into gas, wind and biomass.

KwaZulu-Natal has a growing and diverse economy with strengths in a range of economic sectors, including: manufacturing, mining, maritime, agriculture and tourism. Two special economic zones - Dube TradePort and the Richards Bay Industrial Development Zone - have recently been declared, which make it easier for investors to establish business operations. These facilities offers numerous incentives to investors, including a reduced tax rate, a construction allowance, employee incentives and start up support, among other advantages.

In the last eight months we have witnessed huge growth at Dube TradePort, which has accrued R 10 billion in investment. Major investments include:

• HBM-SA Health Protection: R 150 million factory, which will produce 700 000 condoms a day for the local and SADC export markets
• Yangtze Optics Africa Cable (YOAC): R 150 million optical fibre cable manufacturing and distribution facility
• Cipla BIOTEC: R 1.3 billion biosimilars manufacturing facility

The Richards Bay Industrial Development Zone has recently been awarded a license to construct a gas to power plant. Nyanza Light Metals has signed an agreement with New Zealand investor, Avertana Limited to establish a beneficiation plant to extract titanium dioxide pigment waste slag. In addition, South32 has established a seawater desalination plant in the Richards Bay harbour.

The province has supportive measures from Trade and Investment KwaZulu-Natal (TIKZN) in place for investors, and the entity is in the process of launching a One Stop Shop. This facility will assist businesses to fast-track necessary paperwork and approvals for establishing enterprises and/or development projects.

Each municipal district in KwaZulu-Natal has identified an industrial sector that has the potential for growth and each is at varying stages of establishing their industrial economic hub. These hubs will assist investors in selecting opportunities, which have effective support mechanisms in place, as well as backward and forward linkages in the region.

Tourism remains a key sector in the province and we are currently experiencing a huge upsurge in development, especially on the north coast of KwaZulu-Natal. This includes the development of luxury hotels and apartments at Umhlanga, the Sibaya Coastal Precinct and the greater Zimbali Lakes Resort. All of these developments provide much opportunity for our local and international visitors to explore the advantages of KwaZulu-Natal’s relaxed lifestyle as well as visit the various tourist attractions that our province offers.

The province has a young and multi-skilled labour cohort, including many unemployed graduates. The new investments create meaningful job opportunities for our people, which is significant for socio-economic growth. We have also entered into a partnership with the Coastal KZN Technical and Vocational Education and Training (TVET) College to provide skills training for our emerging entrepreneurs and industrialists. In this regard support programmes are required for young entrepreneurs who are entering the job
market. In order to develop a functional enterprise, support and training is often required for longer than the six months considered necessary, as it may take up to three years before a business operation is fully sustainable.

We are a rainbow nation, however without economic justice there can be no harmony between rich and poor neighbours. This is the reason why we are pursuing radical economic transformation, where the historically disadvantaged communities have to benefit from the country's economy. As we grow the economy we have to ensure that there is equitable distribution of opportunities. Through this approach, which includes the new government preferential procurement policy, and programmes such as Operation Vula, a sectoral economic initiative that incorporates the Radical Agrarian Economic Transformation (RASET) programme, more opportunities for previous disadvantaged people to enter into the mainstream economy will be created.

Increasing our research capacity is also of importance. To this effect we have developed a relationship with the University of KwaZulu-Natal to enhance and apply innovative solutions to the demands of growing the economy as well as meeting the needs of our people. Techno hubs are being established in four districts: Newcastle, Richards Bay, Port Shepstone and Pietermaritzburg. The aim of these hubs is to support entrepreneurs who wish to venture into technical innovation through providing appropriate facilities, training and support.

Questions concerning the recent agency downgrades are always asked. However, it is important to understand that the media has not been clear about the reasons for this action. The downgrades are based on forecasting that, due to the recent changes in key South African ministers, there is a possibility of uncertainty around fiscal policies. However, National Government is in agreement that our fiscal policies are not going to change without Cabinet’s approval. Consequently, a prudent approach is being taken by the National Treasury along with a focus on cost cutting measures in order to service our foreign and domestic debts.

There is no need to panic. Our province is open for business and investment!