New bills to have big economic impact

2010-09-03 00:00

TWO bills expected to have a massive positive impact on the economy of KwaZulu-Natal were unanimously passed by the legislature yesterday.

They are the KZN Business Rehabilitation Trust Fund Repeal Bill and the KZN Trade and Investment Agency Bill.

The Trust Fund bill will transfer the assets and liabilities of a fund set up to compensate people who lost businesses during political violence to the Economic Development and Tourism Department.

The Investment Agency Bill converts Trade and Investment KZN (TIK), which was a Section 21 company, into a government entity in line with national norms.

The Fund Act was promulgated in 1998, but it became clear that many claims against the fund were fraudulent, so it had to be closed down.

Already the money from the fund have been transferred to the SMME component of Ithala Bank.

Regarding the Agency Bill, MEC for Economic Development and Tourism Mike Mabuyakhulu said that once it has been promulgated, the agency will become a fully fledged public entity, “and will become an engine of growth and development in the province”.

Among the functions expected to be performed by the agency are to identify, develop, market and promote investment opportunities in KZN to international and domestic investors.

It will also develop the export capacity of the province and foster trade and investment within the province.

“It will … maintain a database of investment opportunities within the province in such a manner as to benefit all sectors of the economy,” Mabuyakhulu said.

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