KwaZulu-Natal MEC for Economic Development Ravi Pillay says some businesses have committed to continue with their current investments in the province following last month’s looting and burning of businesses.
For two days, Premier Sihle Zikalala and Pillay met with ambassadors and trade delegations from over 40 countries in Gauteng in an attempt to allay the fears of some investors and to restore investor confidence.
The trade delegations included Japan, Mauritius, United Kingdom and Australia among others.
Pillay says, “From the private sector side, many have indicated their commitment. In Richards Bay, there is at least two who have already gone into construction. There are those like Defy, they have committed to stay on and rebuild, there is an issue with LG, for example these are major international companies where they are seeking some tariff relief.”
“I think in terms of investment in the pipeline, there will be those who would say look let us pause and check a fresh look on things. I think a major issue is that this is what investors always say to us – let us see what your own domestic investors are doing and then we will follow,” he adds.
KZN seeks to rebuild investor confidence in the province: