Durban, 11 July 2024 – KwaZulu-Natal Premier Ntuli, officially opened the Youth in Business Summit at the Durban Exhibition Centre. The two-day event, themed “Young People Taking Charge in Leading Economic Development,” gathered young innovators, entrepreneurs and stakeholders to discuss strategies to enhance youth participation in the economy.
In his opening address, Premier Ntuli highlighted the pressing need to empower youth-owned businesses in KwaZulu-Natal. He emphasised the province’s rich entrepreneurial potential and the government’s commitment to addressing youth unemployment, development, and financial backing for youth enterprises. Premier Ntuli pointed out that the government, along with social partners, was dedicated to reversing the tide of youth disillusionment, poverty, and unemployment.
Premier Ntuli shared several initiatives aimed at supporting youth entrepreneurship. Among these was the Youth Empowerment Fund, which has grown from R60 million in 2018/19 to R100 million currently. He also mentioned the Business-In-A-Box programme in partnership with Dunlop Tyres, which supports youth interested in tyre services and related tasks. Additionally, the Operation Vula Fund, providing equipment for youth-owned businesses, and the Zimele Traders’ Fund, aimed at uplifting community and spaza shops, were highlighted as critical interventions.
Education and skills development were key points in the Premier’s address. He advocated for integrating entrepreneurial education into school curricula and promoting digital literacy. He also stressed the importance of policy reforms and infrastructure development to create an enabling environment for youth entrepreneurs. Premier Ntuli called for streamlined regulatory processes, reduced red tape, and the establishment of youth-friendly business hubs.
Premier Ntuli also touched on the significant challenges faced by young people, such as high unemployment rates, school dropouts, teenage pregnancy, and drug abuse. He reaffirmed the government’s commitment to creating an environment where young people could thrive and achieve their dreams. He announced plans to review the Provincial Youth Economic Development Strategy to ensure it effectively addresses these issues.
During the summit, the Head of Department and CEOs of public entities presented opportunities worth millions of Rands, encouraging young participants to engage and access these prospects. Premier Ntuli emphasised that the summit’s discussions and resolutions would be integrated into the Government Lekgotla and the upcoming State of the Province Address.
The Premier concluded by stressing that investing in youth-owned businesses was both an economic and moral imperative. By empowering the youth, KwaZulu-Natal could achieve future prosperity, social cohesion, and sustainable development. He urged all stakeholders to seize the opportunity to build a vibrant ecosystem where youth entrepreneurship could thrive, ensuring a brighter future for the province and the nation.
The Youth in Business Summit 2024 has set the stage for productive dialogue and collaboration, reinforcing government’s dedication to youth empowerment and socio-economic development in KwaZulu-Natal.