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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.