Economic Resurgence
Thami Magubane|Published
Youth and female entrepreneurs have taken centre stage in the drive to create business and employment opportunities in KwaZulu-Natal, with close to 10,000 applications submitted to the provincial government for business funding.
KwaZulu-Natal Premier Thami Ntuli revealed that the province is banking on women and youth entrepreneurs for its resurgence, adding that funding instruments set up to assist these groups had received thousands of applications during the period of the Government of National Unity. Speaking on the provincial government’s almost one year in office, he said, “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 the Premier.
Ntuli also called on local residents to invest in the economy of the province, stating, “Economic transformation in KwaZulu-Natal demands a strategic shift that places local investors at the forefront alongside foreign capital.” He emphasised that while foreign investment remains important, overreliance on it risks capital flight and leads to uneven development. By contrast, empowering local investors ensures wealth circulates within the province, creating jobs and fostering self-reliance.
“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,” he said.
The Premier noted that to ensure economic growth, the provincial government must work to ensure that not only is there funding for businesses, but also that pledges of investments are translated into tangible economic benefits.
Mbali Frazer, chairperson of the Portfolio Committee on the Premier’s Office, said, “As the committee, we appreciate the work done thus far, but our interest is more in the impact thereof. We expect them to be fair and transparent when awarding it. It should not be for a particular political party but for all KZN citizens who qualify.
Secondly, even those awardees must ensure that this translates into an increase in job opportunities for others. As the committee, we are playing a vigorous oversight role over this process. On Wednesday, we will be visiting some of the projects that were awarded in the last financial year for oversight purposes in the King Cetshwayo district,” Frazer said.
DA spokesperson on the Premier’s Office, Riona Gokool, stated, “The DA welcomes any initiative that aims to support women and youth entrepreneurs, as economic inclusion is essential for growth and job creation. However, the Premier’s Office must go beyond announcements and show how many of these 10,000 applications have translated into actual funding, viable businesses, and, most importantly, real and sustainable jobs. Too many government programmes begin with much fanfare and high application numbers but fail to deliver measurable outcomes due to bureaucratic delays and lack of follow-through.”
Chair of the Economic Development, Tourism and Environmental Affairs (Edtea) committee, Mafika Mndebele, said the number of applications received demonstrated the appetite and ambition among young people and women. “The committee believes that true success lies not just in the volume of applications but in how quickly and effectively these are translated into viable enterprises that create sustainable jobs.
Our view is that Edtea, working with its agencies and partners, must prioritise post-funding support—including incubation, market access, and mentorship—to ensure that funded businesses do not fail in their early stages. We cannot afford a grant-driven approach that ends with disbursement. We must build an entrepreneurial ecosystem that supports these applicants beyond capital.