By Nangamso Mabindla
13 July 2006

BUFFALO CITY'S long-awaited local economic development strategy received a major boost when all involved gave it the thumbs-up at a workshop held in East London earlier this month.

The workshop, which was hosted by executive mayor Zintle Peter, was attended by representatives from Buffalo City, the Eastern Cape government, Fort Hare and Rhodes Universities, the National Ports Authority, DaimlerChrysler, the Border-Kei Chamber of Business and the Eastern Cape Socio-economic Consultative Council, among others.

One of the main aims of the strategy is to accelerate job creation and poverty alleviation in the municipality – as part of the Accelerated Shared Growth of South Africa initiative (Asgisa).

"Clear strategies to reduce the 40 percent unemployment rate were urgently needed," said the City's general manager for local economic development (LED), Noludwe Ncokazi.

This would be achieved through investment and trade promotion, business retention, business area management, tourism development and marketing, strategic sector development and small business development, she said.

"A transparent process was followed to select and appoint a LED strategy consortium comprising economic development experts in investment promotion and sector development," said Ncokazi.

Participants at the workshop agreed that a survey of local businesses would be carried out during July to ensure that the strategy responded directly to local needs and concerns. It would involve businesses from East London, King William's Town, Mdantsane, and smaller rural settlements.

"With this LED strategy, we aim to demonstrate the seriousness with which local government takes its role in the creation of an attractive investment environment in our municipality," said Peter.

Through the implementation of the strategy the City would be in a position to grow its share of Foreign Direct Investment, increase job and business opportunities, and reduce the levels of poverty, she added.