Business - Page 40

KwaZuluNatal entrepreneurs have been selected to participate in the IntraAfrican Trade Fair in Cairo, offering them a chance to display their products and services to a global audience. The fair provides access to an integrated African market of 1.3 billion people, with a combined GDP exceeding $3.5 trillion. It is expected that their participation in this global event will significantly boost KZN’s economy, further establishing the region as a hub of excellence in trade and innovation.

The African Growth and Opportunity Act (AGOA) encourages trade and economic collaboration between the United States and subSaharan African nations, promoting industrial development, job creation, and diversification of international supply chains. At the 20th AGOA Forum, President Cyril Ramaphosa highlighted the significance of industrial development, employment generation, and inclusive economic growth throughout Africa. AGOA has the potential to be a potent tool in accomplishing these objectives, but its complete potential has not yet been actualized. Early reauthorization and renewal of AGOA, along with essential reforms, can reinforce trade and investment relationships between the United States and African countries.

Deputy President Paul Mashatile visited China to strengthen the relationship between China and South Africa. He participated in the 8th South AfricaChina BiNational Commission and attended the China International Import Expo to showcase South Africa as a great investment opportunity. During his visit, he engaged with Chinese leaders and stressed the thriving economic collaboration between the two nations. This visit solidifies the foundation of 25 years of diplomatic relations and historical ties dating back to the Bandung Conference in 1955.

The Tourism Equity Fund in South Africa is a new R1.2 billion project that seeks to promote expansion, transformation, and inclusivity in the tourism sector. The Fund offers financial aid and support to Qualifying Small Enterprises and Emerging Micro Enterprises, prioritizing job creation, sustainability, and targeted groups such as youth, women, and disabled individuals. The Department of Tourism and the Small Enterprise Finance Agency are collaborating with banks and financial institutions to ensure the successful implementation of the TEF and promote a more inclusive and prosperous tourism sector.

South African Minister of International Relations and Cooperation, Dr. Naledi Pandor, and her Ukrainian counterpart, Minister of Foreign Affairs Dmytro Kubela, are scheduled to participate in political dialogues on November 6, 2023. The meeting aims to fortify diplomatic relations between South Africa and Ukraine by discovering mutual understanding on pressing matters, harmonizing interests, and exploring opportunities for partnership. Discussions will also include cultural and economic exchanges between the two nations.

The upcoming meeting between the Gauteng Department of Economic Development, Gauteng Gambling Board, and the Gauteng Legislature’s Standing Committee on Scrutiny of Subordinate Legislation is significant in assessing the current legislation governing the gambling sector in the province. The CSSL Committee’s responsibility is to ensure that the gambling sector operates within the legal confines established by the Constitution and Parliament, promoting a balance between economic growth, social responsibility, and adherence to the law. The meeting will contribute to the ongoing efforts to maintain a wellregulated, sustainable, and responsible gambling industry in Gauteng.

The City of Cape Town is taking proactive measures to help customers in designated areas upgrade their prepaid electricity meters to new software. Eligible customers will receive two upgrade codes with their electricity purchase, and city teams are available to provide support if needed. The upgrades will not affect electricity consumption or existing units, and mopup operations will be conducted in early 2024 to ensure all meters are upgraded before the deadline. The City is committed to delivering reliable and efficient power supply services to its residents.

The Free State Energy Security Indaba brought together experts, investors, financial backers, and policymakers to discuss a strategy for addressing South Africa’s energy challenges. The forum identified the Free State as a central energy security hub due to its rich natural resources, strategic location, and interconnectedness to other provinces. Collaboration and diversity in the energy portfolio were emphasized, along with exploring the Free State’s vast potential for energy resources. The event fostered connections among various government spheres and social partners, united by the common vision of an energysecure nation.

South Africa’s provincial leaders are alarmed by the lack of a defined plan to boost economic growth and job creation, coupled with the anticipated severe repercussions of the public sector wage bill on economic recovery and poverty alleviation. The financial burden imposed on provinces and the recent devastating floods in the Western Cape compound these economic concerns. A comprehensive and strategic approach to economic challenges that prioritizes collaboration between the public and private sectors is essential for a brighter economic future.

The 2023 SACN Urban Festival focuses on “The Working City: Actions for Growth and Recovery,” addressing challenges affecting urban advancement, including strengthening institutions for local government in South Africa and utilizing datadriven decisionmaking to achieve increased resilience. The Department of Cooperative Governance and Traditional Affairs (COGTA) plays a vital role in supporting municipalities to consistently perform their basic duties and functions. Challenges faced by municipalities include poverty, unemployment, inadequate delivery of services, and political instability. Harnessing data and technology is crucial for improving decisionmaking, and establishing institutionally resilient local government is essential for a developmental and resilient state.

The Strand Street Quarry in Cape Town is set to undergo a radical transformation into a community hub that combines sports, culture, business, and tourism. The draft concept design aims to create a destination that revitalizes the site while providing economic and sporting opportunities to the local community. The project aligns with the city’s Integrated Development Plan, fostering more equitable access to opportunities and social amenities. Public feedback will be accepted until December 4, 2023, and the final concept design will be established after statutory processes and further public engagement.