Revitalisation of townships and rural economies.
Research shows that the integration of local economies into the main stream economy forms the epicentre of any radical economic transformation. It is our view that a strong national economy is only possible through a flourishing network of local economies as these give resilience in times of crises. As we pursue the transformation of the provincial economy, we are promoting the localisation of flow of funds within communities. The leakage of funds to some distant head offices is often the reason for pressure in local economies and often slows down economic development.
All our interventions to grow the Province of KwaZulu-Natal are grounded in local economies with the view of uplifting the standard of living of our people. The ultimate goals are always higher economic activity and job creation. We have identified six interventions to revive township and rural economies. The first intervention is organizing local business. This intervention seeks to achieve two outcomes, that is, the setting up a Provincial Association of Traders and establishing district warehousing and bulk buying facilities. The second intervention is the provision of business management skills. The third intervention is ensuring proper business licenses and permits. This intervention seeks to ensure compliance with exiting legislation by all traders. The fourth intervention is the restructuring of the township and rural economy. This intervention seeks to improve the current mall and rural economy shopping centre tenancy. A new provincial framework for tenancy of 55% national entities and 45% local entities has been developed and been integrated into the Business Bill. The fifth intervention is financial and business support. This intervention seeks to implement the microfinance model.