KZN Northern Growth Corridor has been saved
KZN Northern Growth Corridor
Dube Tradeport as an International Development Zone
Dube TradePort as an Industrial Development Zone (IDZ), provides significant incentives for both foreign and international investors
By designating the Dube TradePort as an Industrial Development Zone (IDZ) earlier this year, government has provided significant incentives for both foreign and international investors and put KwaZulu-Natal’s premier logistics and manufacturing hub firmly on the path to sustained growth and development.
Dube TradePort is already proving a catalyst for growth along the KZN Northern Growth Corridor. Deloitte believes that assisting Dube TradePort in applying for IDZ status earlier this year was strategic. Although legislation governing the establishment of Special Economic Zones (SEZs) has been signed, it is yet to be enacted as it is awaiting the corresponding Regulations.
Gaining IDZ status has proved a valuable interim measure and the Dube TradePort’s permit will likely be automatically amended to convert it to SEZ status at the appropriate time.
Dube TradePort has already attracted over R900-million in private sector investment. Over the past five years, it has grown to 2 840 hectares and created about 16 527 new jobs.
Dube TradePort is Africa’s first purpose-built aerotropolis and the only facility in Africa combining an international airport, dedicated cargo terminal, warehousing, ofﬁces, retail, hotels and agriculture.
Going forward, on officially awarding the Dube TradePort IDZ status, President Zuma said that, by 2060, he expected additional developmental growth around the Dube TradePort precinct including upgraded roads, the extension of the cargo terminal, an increase in passenger volumes and the development of small and medium businesses. He was also confident that increased development in the face of the newly awarded IDZ status would grow demand for greater levels of airlift out of Durban to domestic, regional and international markets.
Deloitte shares his vision. There is a distinct possibility that the Dube TradePort could grow even further as there is still considerable open land surrounding it. With less suitable land for development in central Durban and, particularly, close to both the existing port and future dig out port, it seems that this is the location of choice for savvy investors.