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Government plans to fast-track economic growth
​Acting Deputy City Manager for Economic Development and
Planning Phillip Sithole, Economic Development and Planning
Committee Chairperson Councillor Sipho Kaunda and Finance
Minister Malusi Gigaba admiring the products produced by a
local entrepreneur during the South Regional Business Fair
exhibition in uMlazi.
PLANS are afoot to have a state-owned bank which will assist black businesses with funding. This was revealed by Finance Minister, Malusi Gigaba, during the South Regional Business Fair Indaba and Exhibition held at the KwaMnyandu Shopping Centre taxi rank from 23 to 25 June.

In his address, Minister Gigaba said: “If government wants to practically achieve radical economic transformation, we must first correct the doings of the apartheid era and start at home by creating a conducive environment for our people to be part of the economy.” He said people must be connected with key services and having a state-owned bank is one of government’s efforts to benefit black people who are often overlooked by financial institutions.

“Even though the economy is growing at a slow pace, I urge entrepreneurs to exercise patience because government has bigger plans to address economic challenges. The days of people being viewed as employees must come to an end.” He applauded eThekwini Municipality for the strides made towards growing the township economy and having malls like uMlazi Mega City and KwaMnyandu Shopping Centre that have local shareholders.

This model of business, said Minister Gigaba, creates more opportunities for disadvantaged communities. “Township economy should not just be about spaza shops, salons and car washes. It must be beyond that. That is where malls like KwaMnyandu and Bridge City play a role.

People living in townships should not have to travel out of their residential areas to grow the economy. They must be given the opportunity to grow their own area,” he said, encouraging small business owners to support each other. Chairperson of eThekwini’s Economic Development and Planning Committee Councillor Sipho Kaunda said the Municipality is working vigorously to provide market opportunities for local entrepreneurs to experience an economic breakthrough.

nonduduzo.ngcongo@durban.gov.za | silindile.maluleka@durban.govza
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