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The KwaZulu-Natal legislature recently launched the Provincial Jobs and Economic Growth Action Plan, that is likely to have a projected impact of R56 billion on the province.
The Plan launched over the weekend aims to revive KwaZulu-Natal’s economic growth, accelerate job creation, and restore investor confidence in the province.
Premier Thamsanqa Ntuli indicated that fast-tracking economic growth and job creation in KwaZulu-Natal was in response to worrying statistics by Statistics South Africa that showed continued high levels of unemployment across the province.
Economic growth plans to bring prosperity to KwaZulu-Natal
Implementation of the plans is expected to achieve the following gains:
An economic impact of R56 billion.
The creation of 12,734 direct jobs.
Projected indirect job of 43,005
Training opportunities for 11,616 individuals
Internship opportunities for 10,569 graduates.
Key to the plan is addressing risks and tapping into emerging opportunities.
The plan will tackle risks such as energy and water shortages, high crime rates, planning delays, uncertainties with global markets, and climate change threats.
The legislature has identified these areas where opportunities may be leveraged:
Cassava farming. Post-Foot and Mouth Disease (FMD) beef exports.
Developing renewable energy initiatives.
Expansion of the Richards Bay Industrial Development Zone
Developing new hotels and breweries
Establish tourism ventures at Dube Trade Port. Increase throughput at the trade port.
Regulate revenue streams through gambling and liquor licensing.
To ensure accountability and deliverables on the plan, the Premier confirmed the use of the Social Accounting Matrix (SAM). This dashboard would track economic and employment growth resulting from the legislature’s investment of public funds.
The public would also be privy to quarterly progress reports to ensure transparency.
The Premier indicated that the plan’s success was dependent on the concerted efforts of several stakeholders.
Ntuli said: “Rebuilding KwaZulu-Natal’s economy is not the responsibility of governme
Source: The South African | Read the Full Story…
