MEC Sihle Zikalala's plan to drive radical economic transformation

The KZN Economic Council recently convened in Durban under the theme of the role that SMMEs, cooperatives, and the informal economy play in driving equitable economic growth in the province. MEC Sihle Zikalala, the Minister for Economic Development, Tourism, and Environmental Affairs for KwaZulu-Natal, shared insights on radical economic transformation during the event. He emphasized the need for a shift in approach and speedy implementation of policies to drive transformation in the region. During a provincial procurement meeting in Durban, stakeholders agreed on set-asides, ensuring that at least 80% of procurement spending benefits women and 35% benefits the youth. Zikalala expressed satisfaction with the national treasury's recent regulations supporting these objectives. He introduced 'Operation Vula,' a program aimed at fostering participation of cooperatives and SMMEs in the economy. The initiative intends to uplift these entities, reduce poverty, and integrate them into the mainstream economy. Zikalala highlighted plans to train and assist SMMEs and cooperatives, leveraging government procurements to source products from them, including agricultural produce, uniforms, and furniture. Moreover, the MEC emphasized opening infrastructure projects to these entities to enhance their involvement in economic activities, aligning with the concept of radical economic transformation. The primary focus remains on empowering these smaller entities to contribute meaningfully to the economy. The MEC addressed criticisms around the lack of market access for some SMEs and cooperatives, underscoring the importance of quality standards. He stressed the need for information, training, and resources to enable these entities to compete effectively and produce quality goods. Zikalala emphasized the significance of partnerships with civil society and business to foster an inclusive economy and ensure no one is left behind. Platforms like the KZN Economic Council facilitate engagement between various sectors to strategize and implement cohesive policies. The Department plans roadshows and exhibitions to disseminate information and promote broader participation in economic initiatives. Looking ahead to hosting the World Economic Forum on Africa in Durban, Zikalala expressed optimism about the economic prospects for KwaZulu-Natal. The forum presents an opportunity to showcase the province's potential and encourage local business participation. Manufacturing and the Fourth Industrial Revolution are key discussion points, as they hold the potential to drive employment opportunities in the region. Zikalala emphasized the need to leverage these sectors for economic growth without compromising job prospects. As the province prepares to host this prestigious event, Zikalala exuded confidence in a successful outcome, highlighting KZN's track record in hosting major conferences.