KwaZulu-Natal’s efforts to revitalise its economy are gaining strong momentum, with nearly 10,000 applications submitted for business funding from youth and women entrepreneurs. This development marks a significant step in the province’s broader strategy to stimulate inclusive economic growth and job creation.
KwaZulu-Natal Premier Thami Ntuli has highlighted the pivotal role of women and youth entrepreneurs in driving the province’s economic revival. He noted that funding mechanisms established to support these groups have attracted thousands of applications since the Government of National Unity took office. Reflecting on the administration’s first year in office, Premier Ntuli remarked, “Banking on entrepreneurs makes sense.”
“With almost a year in office, I can say without a doubt that the resurgence of KwaZulu-Natal is truly underway. The province is abuzz with new hope and optimism. The KZN Youth Fund and the KZN Women’s Advancement Fund have ignited a spark of hope and opportunity, attracting over 10,000 applicants eager to unlock their potential and contribute to the growth and prosperity of our province. “This outpouring of interest is a testament to the pent-up demand for support. It demonstrates both the pressing need for such interventions and the public’s trust in our administration,” said Ntuli.
The Premier described the high volume of interest as a clear indication of both the urgent demand for support and the public’s belief in the provincial government’s initiatives.
He also made a call for greater investment from within the province, urging residents and business owners to play a more active role in driving economic transformation. He emphasised that the long-term success of the province relies on balancing foreign investment with strong local participation.
“Economic transformation in KwaZulu-Natal demands a strategic shift that places local investors at the forefront alongside foreign capital,” Ntuli said. “Local investors have an inherent stake in our long-term prosperity. Studies show that small and medium enterprises (SMEs) contribute over 40% of South Africa’s GDP and employ 60% of the workforce, according to the Department of Trade, Industry and Competition, yet they often lack access to funding. Prioritising homegrown businesses can retain wealth, reduce unemployment, which is currently at 28.9% in KZN and spur sectors like agriculture, manufacturing, and tech.”
As the province looks ahead, the administration appears committed to creating an environment where new businesses can thrive and where opportunities are accessible to a broader range of people, especially those who have historically struggled to access resources.
