Page 23 - 2019\20 KZN Top Business Portfolio - EBOOK

The uMkhanyakude region is home to numerous South Africa is moving towards becoming a
game reserves, including the luxurious White knowledge-based economy, with a greater focus
Elephant tented camp. The construction of an on technology, e-commerce and financial and other
airport will allow for easy access for tourists. services in the digital space.
� Nonoti Beach Resort – Stanger/KwaDukusa
(R350m) Development of a 250-room beach KwaZulu-Natal has been ramping up its capabilities
resort, wholly owned by the 200 households of in the technology and innovation sphere with the
the Nonoti community development of Techno Hubs, a project which the
� Sovereign Sands Beach Resort – North Coast provincial government, led by the KwaZulu-Natal
(R218m): A beach resort with a 220-room hotel Treasury, adopted as part of its Provincial Growth
Development Plan.
Tertiary Sector
The Techno Hubs are in strategic locations across the
The tertiary sector namely retail trade; transport/ province - in the Richards Bay Industrial Development
logistics; finance/business services and community/ Zone (RBIDZ), Port Shepstone (Ray Nkonyeni Muni-
social services sectors accounts for close to 70% of the cipality), Newcastle (Newcastle Municipality) and
provincial GDP. Pietermaritzburg (Msunduzi Municipality).
KwaZulu-Natal offers a range of shopping experiences Informal economy
from mega-malls such as Gateway in Umhlanga to
rural micro markets. The ongoing construction of new South Africa’s informal business sector serves a
shopping malls and the expansion of existing ones burgeoning consumer market worth more than R100
across the province, gives evidence to the fact that the billion in the country’s rural areas, townships and cities,
retail trade is booming. These include: presenting opportunities for corporates and traditional
small businesses.
� Mall of The West, which will open in the first phase
of the Ntshongweni Urban Development. Durban is credited as being the first city in South
� Midway Crossing Shopping Centre located Africa to develop a policy for street traders. eThekwini
between Lindelani Township and Newlands West. currently has more than 197 000 people employed
in the informal sector with each person supporting
Business process outsourcing (BPO) is a major another three people on average.
market sector in the region. The province is home to The Future
more than 60 BPO centres and accounts for almost
50% of South Africa’s financial services call centres. KwaZulu-Natal is currently aspiring to be South Africa’s
KwaZulu-Natal boasts a strong finance, real estate and biggest economic contributor. Currently massive
opportunities exist across the value chain of the economy
business services sector which is growing fast.
to contribute significantly to economic development.
Many domestic and foreign institutions already provide However, opportunities for the youth and people from
a full range of services from commercial and retail, to previously disadvantaged communities to participate in
merchant banking, mortgage lending and insurance, the economy need to be created in order to develop a
as well as investments. sustainable and inclusive economy and society.

� Photo courtesy of R Martin.
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