The World Economic Forum (WEF) is likely to boost Durban’s economy by up to R155m‚ the KwaZulu-Natal government said on Friday. The three-day event takes place in the coastal city from Wednesday May 3.
"The estimated direct impact of hosting of the WEF Africa on KwaZulu-Natal will be at least R64m‚ with a total impact of some R155m‚" said provincial economic development‚ tourism and environmental affairs MEC Sihle Zikalala.
More than 1,000 delegates are expected to attend the event.
"The direct impacts are activities aligned with hosting of conferences and their contribution to the province’s GDP. These are receipts generated by hotels‚ tour operators‚ travel agents and restaurants," said the provincial premier, Senzo Mchunu. "The indirect impacts are due to the expenditure of participants and promoters of conventions and the jobs created as the result of hosting conferences."
The province is using big conferences to boost its economy. Mchunu said that business events in KwaZulu-Natal during this financial year are expected to raise R450m‚ "with a total macro-economic impact of about R1bn".
TMG Digital
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