Therefore, focus on promoting investment and entrepreneurship challenges in the region were brought to the forefront at the inaugural International Entrepreneurship and Investment Conference, being held in the coastal city this week.
Government and business leaders were on hand to lend their expertise to tackle the two key issues.
"This conference aims at providing a platform to discuss how a regional economy such as KwaZulu-Natal, in a developing country context, can effectively promote innovative entrepreneurship," said KZN Economic Development and Tourism MEC Mike Mabuyakhulu.
Profiling investment opportunities within the province, South Africa and the entire SADC region are also a part of the agenda.
The region boasts minerals, oil, abundant raw materials for manufacturing and value addition. And with a combined population of about 257 million, with a GDP of about US$465 billion (in 2009), the region's potential to claim its share of the world market can't be underestimated.
"We recognise strong partnerships among provinces and the entire countries within the SADC region as key to building the economies of both the country and the region. The SADC region presents vast investment opportunities for all of us in key sectors of infrastructural development and services, tourism as well as trade and industry," said Mabuyakhulu.
He added, the SADC has already decided, in pursuit of regional economic integration, to have a single market by 2015 and by 2018 a single currency.
Mabuyakhulu said the recent global economic recession had taught the world's new economics lessons especially about the indispensable role of government in stimulating economic activity in times of economic downturns.
He highlighted the private sector's importance in developing the region so that it becomes more competitive and can hold its own in the world economic arena.
"We recognise that the private sector remains a crucial driver of economic activity in the country through its investment in the real economy to generate economic value and create jobs," said Mabuyakhulu.
The private sector in South Africa contributes more than 78 percent to GDP.
"This shows that our economy is driven to a large extent by the private sector. As such government recognises the importance of the private sector in our productive economy," he said.
In addition, government recognises that innovation is key to the creation of wealth in an economy such as South Africa.
Therefore, the aim of this conference is also to discuss strategies the government can use to promote innovative entrepreneurship in the economy.
"We further believe that innovative entrepreneurship is the key to the attainment of our developmental goal of growing an economy that creates sustainable jobs," said Mabuyakhulu.
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