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State of eThekwini's economy presented to bank leadership
​In an effort to intensify the partnership between eThekwini Municipality and the private sector, the City’s Durban Edge team presented the State of the Durban Economy publication to the leadership of one of the City’s top four banks on 6 November.

The presentation is in line with the City’s Accelerated and Inclusive Growth (Shape Durban) Strategy. It focused on the impact of Covid-19 on the economy, investments, current business activities and the rehabilitation of the economy amid the pandemic.

EThekwini Municipality has made positive strides in responding to the impact of the coronavirus pandemic on the business sector by being the first city in South Africa to release and implement a Covid-19 Economic Recovery Plan.

Among other interventions; the plan has seen 12 foreign investors supported. This includes facilitation work with national departments to avoid Defy’s 25 percent staff retrenchment, partnership with Defy on the City’s ‘Buy Local Invest Local’ campaign and the National Ventilator Project that identified 17 small, medium and micro enterprises to supply components to Defy.

Senior Researcher for the Durban Edge Tshegang Chipeya said the aim of the presentation was to provide stakeholders with useful information on eThekwini’s economy in order for them to make informed decisions. “The City has retained about R10 billion in foreign direct investments and is currently facilitating catalytic projects which are estimated to yield about R1.77 billion in revenue over the next 30 years and create approximately 343 000 jobs. This shows that eThekwini is still the City of choice for investors,” she said.

The bank leadership thanked the City for the insightful presentation saying they welcomed the initiative as both the public and private sector’s economies were heavily hit by the pandemic and by working together it will greatly enhance their recovery efforts.

The City’s Chief Economist, Dr Ajiv Maharaj thanked the bank for the initiative and the partnership.
For more information contact Senior Research Advisor Tshegang Chipeya on tshegang.chipeya@durban.gov.za or visit the Durban Edge portal on https://edge.durban for more information.
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