The World Economic Forum (WEF) is likely to boost Durban’s economy by up to R155 million‚ the KwaZulu-Natal government said on Friday.
The three-day event takes place in the coastal city from Wednesday.
“The estimated direct impact of hosting of WEF Africa on KwaZulu-Natal will be at least R64 million‚ with a total impact of some R155 million‚” said provincial economic development‚ tourism and environmental affairs MEC Sihle Zikalala.
More than 1 000 delegates are expected to attend the conference.
“The direct impacts are activities that are 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.
“The indirect impacts are due to the expenditure of participants and promoters of conventions and the jobs created as the result of hosting conferences‚” said Mchunu.
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 R450 million‚ “with a total macro-economic impact of about R1 billion”.
Durban to rake in R155m from World Economic Forum
The World Economic Forum (WEF) is likely to boost Durban’s economy by up to R155 million‚ the KwaZulu-Natal government said on Friday.
The three-day event takes place in the coastal city from Wednesday.
“The estimated direct impact of hosting of WEF Africa on KwaZulu-Natal will be at least R64 million‚ with a total impact of some R155 million‚” said provincial economic development‚ tourism and environmental affairs MEC Sihle Zikalala.
More than 1 000 delegates are expected to attend the conference.
“The direct impacts are activities that are 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.
“The indirect impacts are due to the expenditure of participants and promoters of conventions and the jobs created as the result of hosting conferences‚” said Mchunu.
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 R450 million‚ “with a total macro-economic impact of about R1 billion”.
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