E THEKW I NI • LO CA L E CON OM IC D EV ELO P MENT
DRIVING ECONOMIC GROWTH TO THE BENEFIT OF ALL The goal of stimulating local economic development is to create a prosperous, diverse economy with extensive employment opportunities and sustainable growth. EThekwini Municipality has identified and implemented numerous programmes to feed the economic potential housed within its bounds.
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onstant shifts in government’s policy environment requires the alignment of goals, strategies, plans and projects in real time. Few policy adjustments are of greater importance than those that identify and capacitate the tools that ensure economic development on a local and regional scale. The role of eThekwini’s Economic Development Unit is to align with the national policy packages and to further carve out the local interventions that can support these goals. This requires a regular review of the City’s
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Economic Development and Job Creation Strategy, which was most recently reviewed for the period 2019 to 2025, together with an implementation plan that forms the basis of the City’s implementation of its economic mandate. Economic intelligence is also provided to the municipality and its strategic partners in implementing economic development. Some of the roles of the Economic Development Unit include feasibility studies, the application and development of decision-making tools, and monitoring the performance
thereof. A pivotal player in the area of investment facilitation is eThekwini’s investment promotion agency (IPA) Invest Durban. Numerous interventions and plans have been identified across the ambit of municipal activity to aid in and facilitate the growth of the local economy. A breakdown of these key programmes follows. Innovation programme The world is starting to see rapid advancements in various aspects of life – in both the workplace and at home – which is having a disruptive impact on jobs. Known as the Fourth Industrial Revolution, this entails the internet of things, robotics, artificial intelligence and 3D printing, which hold both opportunities and threats for jobs and societies. Cities that can skill their populations, particularly the youth, will reap the rewards while those that fail to respond will experience further disruptions in the labour market. Against this backdrop, Innovate Durban was established. This innovation programme has the objective of
