approximately one-million foreign visitors and 10.9-million domestic tourists annually. Tourism growth is underpinned by innovative tourism marketing, new and existing tourism-product development and a well-established tourism service industry. Reasons to invest in KwaZulu-Natal • Two of the largest and busiest ports in Sub- Saharan Africa – Durban and Richards Bay • Large labour pool • Diverse culture • Idyllic climate • Access to basic services • Excellent infrastructure and logistics • Gateway to other African countries. KwaZulu-Natal’s Information Communication and Technology, machinery and equipment sector absorbs roughly half of the total investment flowing into the region while manufacturing attracts about a third of all investment. Tourism is a key driver of economic growth and an important catalyst for future economic development. Investment opportunities The province of KwaZulu-Natal offers competitive investment advantages and opportunities, enhancing this region’s status as a preferred investment destination. Dube TradePort KwaZulu-Natal’s continued success in international trade is enhanced through improved transport and logistics infrastructure. The Dube TradePort, which is home to the King Shaka International Airport, incorporates an industrial development zone and will be linked with the existing sea ports of Durban and Richards Bay. This new development will include key components such as a cargo terminal, Tradezone, support zones and the Agrizone. It will present a new-generation, multi-faceted economic hub for the province and the country at large. The multi-nodal, integrated logistics platform bodes well for sustainable job creation and the attraction of further fixed investment. The expanded capability of the new international airport, a key component of the development, will create enhanced levels of service in the movement of time-sensitive manufactured goods and perishables to the global market. Durban harbour The Durban harbour is one of the busiest in Sub- Saharan Africa and has one of the world’s largest and best-equipped container terminals, handling 3.6-million TEUs (twenty-foot equivalent units) a KWAZULU-NATAL BUSINESS 2016/17 20
Ports Authority with great potential to play a key role in the shaping of South Africa’s future growth and prosperity. The combination of specialised cargo-handling facilities, fast vessel turnaround, deep-water infrastructure, excellent rail links to the hinterland and the large greenfield development potential, has made the port one of the world’s leading bulk ports, handling in excess of 80-million tons annually, representing approximately 60% of South Africa’s seaborne cargo. year. The harbour’s motor vehicle terminal handles two-thirds of all motor vehicles entering or leaving South Africa. In February 2013, the terminal set a new record in Transnet Por Terminal’s automotive history handling 39 749 units in a single month. The port also boasts a sugar terminal that is responsible for 65% of all the country’s sugar exports. Durban’s direct link to worldwide ports and its reputation for serving the shipping industry is unmatched by any other port in South Africa. Richards Bay harbour The port is one of South Africa’s eight operational commercial ports under the auspices of the National Special Economic Zones Special Economic Zones (SEZs) are loosely defined as designated areas in countries that possess special economic regulations that are different from other areas in the same city. Moreover, these regulations tend to contain measures that are conducive to foreign direct investment. Conducting business in an SEZ usually means that a company will receive tax incentives and the opportunity to pay lower taxes. In KZN, SEZs are viewed as critical, not only in stimulating export growth, but also job creation, foreign exchange earnings, industrial decentralisation, access to foreign manufacturing technology and know-how. The approach to growing the KZN economy firmly revolves around infrastructure development, 21 KWAZULU-NATAL BUSINESS 2016/17
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