R106 trillion Halaal industry is set to create more than 450 000 jobs in KwaZulu-Natal
DURBAN - Growing at a rate of 20% each year, the R106 trillion Halaal industry is set to create more than 450 000 jobs in KwaZulu-Natal.
Headlining the Trade and Investment Indaba opening at the Durban ICC on Tuesday, the Halaal industry’s key focus was driving local entrepreneurs, creatives, and industry captains towards the Halaal-based principles for conducting business and rapidly creating jobs.
The investment indaba welcomed more than 250 delegates from 35 countries, and will end on Thursday.
Phumzile Langeni, of the Presidential Investment Envoy for South Africa, said the Halaal industry’s partnership with the KZN government was indicative of President Cyril Ramaphosa’s aspirations to bring in new business as he intended when he launched the national investment summit in 2018.
“The task of mobilising capital is never-ending, it requires us to up our game so that we remain relevant, competitive, and investment-friendly. It is imperative that we effect much-needed re-force that will drive investment and ultimately create sustainable employment. The key ingredients are a strong regulatory environment, an agile and responsive government as well as safety and security.
“The president in his establishment of the investment summit of 2018, had the same aspirations for his presidency. KwaZulu-Natal has been offered an incredible opportunity to pursue new such business ventures with Halaal Day as it coincides with the presidential investment goals. From the conversation, may it grow to something substantial which will see the province’s economy grow exponentially,” said Langeni.
Delivering the keynote address, the MEC for Economic Development, Tourism and Environmental Affairs (EDTEA), Ravi Pillay, said that apartheid had disconnected the country from the rest of the world, thus creating a space where there could not be full exploitation of the country’s potential.
“One of the effects of the apartheid government was its isolation of South Africa from the rest of the world, making it impossible for people to fully explore outside of the usual market. But we are lucky that within the global sphere there are partners willing to create investment relations with the country.”
The investment indaba would ensure KZN was at the forefront of the national Reconstruction and Recovery Plan for the South African economy, he said.
“We are bringing together business, labour, civil society, and local government to bring forward the national reconstruction and transformation plan. The plan says we must celebrate and recognise our diversity while investing in each other across all the 14 sectors stipulated in the plan. The Halaal sector is a critical part of it as we have noted incredible economic growth that exists in it,” said Pillay.
In total, the Halaal industry has invested R197 billion since 2019 in various business sectors, which is expected to produce more than 450 000 jobs in KwaZulu-Natal over a period of five years.
Daily News