Johannesburg – The City of eThekwini will from May 3 to 5 host the African leg of the World Economic Forum (WEF) with the KwaZulu-Natal province standing to benefit to the value of R155 million and 512 jobs expected to be sustained or created from the event.
The gathering will convene regional and global leaders from business, the government and civil society to explore solutions to create economic opportunities for all on the continent.
Sihle Zikalala, KwaZulu-Natal’s economic development, tourism and environmental affairs MEC, said on Monday that the province had lobbied to host the event as to enhance the brand equity of both the city and the province.
“The attraction of foreign direct investment is a viable strategy for growing the economy and for solving such challenges as unemployment, the acquisition of skills and technology transfer,” Zikalala said.
WEF Africa would come four months after the conclusion of the 47th WEF annual meeting held in the Davos last week, where world leaders and business leaders gathered to address problems facing the global community.
Zikalala said hosting WEF Africa formed part of the province’s Meetings, Incentives, Conventions and Exhibitions (Mice) strategy.
The Mice strategy was expected to generate the province R1.1 billion in direct investment, which it expects it to translate into R2.2 billion in macro-economic impact over three years.