The Natpro Spicenet Factory, a new development, is strategically located on 962 Kingsburgh Industrial Park and is one of the beneficiaries of the City’s Economic Development Incentive Policy.
THE City’s Economic Development Incentive Policy (EDIP) has prompted approximately R15 billion worth of investment into eThekwini since its inception in 2015. The policy offers investors a discount on property rates and was developed with the intent to stimulate economic growth, create jobs, and enhance investment opportunities with the greater impact of meeting the City’s goals of becoming the most competitive city.
The Natpro Spicenet Factory, a new development, strategically located on 962 Kingsburgh Industrial Park, is one of the beneficiaries of the EDIP. The company has signed a memorandum of agreement with the City for the development of their agro processing facility receiving a total of 65 percent rate rebate for a fixed three-year period commencing in July 2022.
Natpro Spicenet has created almost 100 permanent jobs and has also created many local temporary jobs from the surrounding community during the construction phase. The EDIP is spearheaded through the City’s Economic Development Unit by Programme Manager of Economic Research Strategy and Innovation Dr Nuthan Maharaj who said: “The EDIP contributes immensely toward creating ease and reducing the cost of doing business in Durban.
The policy objective is also to enhance economic activities in spatially targeted areas, as well as encourage urban regeneration and local procurement which is paramount to increasing the City’s GDP. The discount provided to investors ranges from 10 to 100 percent off rates payable to the City based on qualifying criteria.”