REMARKS BY PREMIER OF KWAZULU-NATAL DURING THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE PROVINCE AND AFREXIMBANK HELD AT THE ARCHIE GUMEDE CONFERENCE CENTRE ON 27 MAY 2021
Members of the Executive Council;
President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah;
The Director General of the Province;
Distinguished Guests;
Ladies and Gentlemen;
Good Afternoon!
On Tuesday, 25 May, we commemorated Africa Day. It was on that historic day on which back in 1963, thirty two African countries came together in the Ethiopian capital Addis Ababa to form the Organisation of African Unity (OAU) which today is known as the African Union.
All the 55 independent countries of Africa are today member states of the AU, having over time ratified the AU Charter, and undertaken to help bring about change, freedom and to restore the dignity of all African people on the continent. Africa Day has become a turning point in the quest for the unity of the continent, and for the political and economic emancipation of its people.
As the people of KwaZulu-Natal we owe particular claim and a sense of pride in the evolution of the OAU to the African Union. It was on these shores at the Inkosi Albert Luthuli Convention Centre in Durban on 09 July 2002, that the AU was born. It was here in our city, in our province that the dream of the African Renaissance, and the vision of the African century was launched in the form of the AU.
May we therefore take this opportunity to wish all our Distinguished Guests, Members of the Executive Council and all the people of our province Happy Africa Day!
Ladies and Gentlemen, the vision of an African Century is driven by the ethos of political stability, peace and security on the continent. However key to the sustainable reinvigoration of Africa is the economic development of all our countries, our provinces, our cities, villages and wards. Sustainable development does not leave people behind, but opens new vistas of economic opportunity for employment-creating enterprises to thrive.
The Memorandum of Understanding (MOU) between the KwaZulu Natal Provincial Government and the African Export-Import Bank (AFREXIMBANK) that we sign today is therefore very significant as it opens opportunities for both the private and public sectors to increase trade across the continent.
We welcome this opportunity to work closely with the AfreximBank which will see our state-owned enterprises improving their capacity to move into the rest of Africa to invest and to seek and strengthen partnerships.
This MOU thus marks a significant beginning in economic relations between KwaZulu-Natal and our fellow cities, provinces and countries on the continent. Today we set sail on a ship that is AfreximBank with its four strategic pillars which are to “Promote Intra-African Trade,” “Facilitate Industrialization and Export Development,” “Strengthen Trade Finance Leadership” and “Improve Financial Performance and Soundness”.
We join hands with one of the most reliable partners in the AfreximBank, the Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade. It was established in October 1993 and is owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors.
As stated in the MOU, KZN will collaborate with AfreximBank on the promotion of joint projects and opening opportunities for organisations like Dube Trade Port and Richards Bay. This will include providing projects for finance and facilitation by the Bank. The Bank will become an important financial services partner for eligible public and private sector trade and trade enabling infrastructure transactions in the province.
According to the agreement the Bank will consider supporting events such as the KZN Export Week or similar events hosted by the Province. We look to the Bank to play its part in showcasing the Province as investment-centric with opportunities in multi-sectors for investors to make foreign direct investments to the Province.
In this regard the Bank will work with the Province’s key developments such as Dube Trade Port, Richard’s Bay Industrial Park, Port of Durban, for promotion and establishment of similar developments in other parts of the continent. The MOU provides for the Province to take part in the Bank’s Intra-African Trade initiatives and will promote companies that take part in intra-African Trade by trading with other African countries that the Bank can consider supporting.
Through this relationship, we hope to embark on joint projects which will enhance the transformation of our economy to address unemployment, poverty and inequality.
This MOU will also serve as a much-needed push as we seek to lift our province from the clutches of the Covid-19 pandemic and as we rollout the Economic Recovery and Transformation Plan.
As KwaZulu-Natal, we are determined not to be spectators with the immense economic and developmental opportunities that Africa and the world are realizing through the African Continental Free Trade Area (AfCTA), and our partnership with Afrexim will only serve to strengthen our case.
Our warm and hospitable province is open for business and remains alive with untold possibilities.
Together Growing KwaZulu-Natal!
I thank you.