The eThekwini Metro economy may be battered and slightly bruised by the global coronavirus, but it’s forging ahead with plans to grow trade and boost investment.According to Shunnon Tulsiram, head of the economic development unit at eThekwini Municipality, the economic plan for the city, called Shape Durban, remains an innovative approach to bolster the economy.“The strategy focuses on driving direct investment and improving urban management in the City’s key economic assets,” he explains. This includes addressing back-of-port congestion and development of several key corridors in and around Durban.
According to Tulsiram, growing key tradable sectors through improved competitiveness and investment attraction is the ultimate goal.While the strategy was developed prior to the outbreak of Covid-19, it remains the strategic goal. More recently a recovery plan was announced that targets much of the same industries of Shape Durban.
Manufacturing, particularly the automotive supply chain, clothing and textiles, leather and footwear, agro-processing, chemicals, renewable energy and waste recovery, maritime and ship/boat building, and tourism are sectors of critical importance in Durban.While Shape Durban aims to grow the economy, the recovery plan recognises the need to ensure that the city remains financially viable, while investing in the economy, thus creating jobs and prosperity.
According to Tulsiram enhancing the business environment by lowering the cost and improving the ease of doing business is imperative.Nigel Ward, president of the Durban Chamber of Commerce and Industry, said the city had been hit hard by the nationwide lockdown, particularly in sectors such as tourism and hospitality.
“The construction sector has also seen significant economic costs. Many sites have had to close with projects being put on hold. Some of these projects are critical infrastructure and developmental projects that were initiated to stimulate and supplement our regional socio-economic growth and development. The delay will have long-term implications for our local, provincial and national economy.”Ward said given the inherent complexity of regional and global supply chains, an extended lockdown would continue to affect eThekwini negatively.
“But despite the recent economic challenges faced by Durban as a result of the pandemic, we remain optimistic about eThekwini’s prospects and overall outlook,” he said. “As the economy gradually reopens, we can expect to see increased economic activity and there is a lot of hard work ahead for both the public and private sector to not only recover but to realise the true socio-economic potential of our city and province.”By encouraging businesses to be agile in order to adapt easily and quickly to changing circumstances, KZN had shown it was capable of working together quickly and with a singular vision in the best interests of the province, Ward said.