Durban emerges as Africa's premier investment destination

The City of Durban has been given a thumbs-up as the premier destination for investment in Africa.

During the Resurgence Conference focused on investment, key speakers highlighted Durban’s stability and resilience as major factors that make it an attractive option for both domestic and international investors.

The conference was held at Durban's International Convention Centre.

“When it comes to investment, we must be pragmatic,” said Russell Curtis, chief executive of  Durban's investment promotion authority, who emphasised that every investment carried a inherent risk.

“You have to just grab hold of that risk.

"If you’re looking for returns on your investment, we believe Durban is a very stable city in terms of administration.”

Curtis noted that over the past 30 years, since the dawn of democracy in South Africa, Durban has received numerous awards for its administrative stability.

This reliability effectively reduces investment risk, and successfully attracts a broad spectrum of investors.

He highlighted that Durban’s unique position was being one of the few metropolitan governments on the continent to maintain investment-grade credit ratings, supported by significant cash reserves.

This financial backbone further reassured investors of the city’s economic health and reliability.

Echoing these sentiments, Donny Pethan, acting investment promotion executive manager at Trade and Investment KwaZulu-Natal, who highlighted the importance of presenting investors with well-packaged opportunities.

He acknowledged the challenges faced during the Covid-19 pandemic and the devastating floods that struck the city last year, framing these events as temporary “challenges” that necessitated a unified business continuity strategy.

“We came together to weather that storm,” Pethan remarked, adding that both the city and provincial government had prioritised critical infrastructure projects to mitigate the impact on business continuity.

“Businesspeople understand that nothing remains constant. You need to jump through the hoops and plan.”

Pethan also raised concerns regarding external factors, including tariffs imposed by the United States, which could pose additional risks to local businesses reliant on exports.

He explained that companies might need to restructure operations and supply chains need to navigate these obstacles effectively.

Despite these challenges, he remained optimistic about Durban’s ability to manage risks collectively, advising that the city ought to be ranked higher in terms of its risk management capabilities.

He reminded attendees of the lucrative opportunities Africa presented, particularly for those seeking double-digit growth rates.

“This is the right continent for frontiers of opportunity that don’t exist in many developed regions,” he said.

DAILY NEWS