Minara chamber president urges investment in skills, technology and young people

Minara Chamber of Commerce president Ebrahim Patel has urged for greater cooperation between the government and businesses to foster investment, generate employment opportunities, and foster a robust South African economy. During the 2026 Minara Business Recognition Awards, Patel addressed the impact of geopolitical tensions, artificial intelligence, and youth unemployment on the nation's economic growth.

He highlighted KwaZulu-Natal’s R124 billion in investment pledges as a promising avenue for economic development and job creation. Tonight’s event celebrates the accomplishments of businesses and individuals, emphasizing the courage to identify opportunities, the dedication to invest, the resilience to navigate uncertainty, and the leadership to create value for others and contribute to the economy.

The event occurs during a challenging period marked by considerable uncertainty. The interplay between economic power, technological prowess, and human capital is rapidly evolving, with geopolitical shifts shaping trade, and artificial intelligence transforming productivity. These interconnected forces demand a coordinated and thoughtful response from governments, businesses, and society.

The current global situation can be succinctly described by Yeats' poem “The Second Coming,” which captures the pervasive sense of instability: "Things fall apart; the centre cannot hold; The best lack all conviction, while the worst." In Europe, high fuel prices, soaring living costs, housing shortages, and strains on public services have sparked social unrest.

These pressures are mirrored in South Africa, with recent Durban unrest affecting businesses, communities, and investor confidence. As local government elections approach, the business community grapples with both anticipation and anxiety. Regardless of the election results, the business community must prioritize effective governance, accountability, and a productive partnership between government and business.

The economy cannot tolerate prolonged uncertainty or delays in implementing the election pledges. At the global level, geopolitical tensions continue to reshape markets. Trade is increasingly influenced by strategic rivalry, national security, industrial policy, and geopolitical alliances. The escalating conflict between the United States and Iran has driven inflation higher and increased borrowing costs for businesses and consumers.

For South African businesses already operating under pressure, these consequences are significant. However, history has shown that uncertainty also serves as a platform for leadership development. It serves as a reminder that nations and businesses that emerge stronger from disruption are those that adapt swiftly, responsibly, and with purpose.

South Africa has a proven track record of overcoming adversity, demonstrating its ability to rebuild, innovate, and forge a unified front when circumstances call for it. The city of Durban stands as one of Africa’s premier commercial hubs—a city of enterprise and immense potential. KwaZulu-Natal remains a province teeming with opportunities, as evidenced by the R124 billion in investment commitments secured by Premier Thami Ntuli and MEC Musa Zondi during KZN Investment Week.

These investments are projected to generate 330,000 jobs. South Africa boasts significant industrial, financial, agricultural, and commercial assets, underpinned by a populace distinguished by determination and resilience. As the Chair of SADC, South Africa leads a regional bloc comprising 16 countries, 430 million people, and an economy valued at nearly $1 trillion, with 44% of GDP originating from South Africa alone.

With a GDP of $489 billion, South Africa is the largest economy on the continent. Despite this, South Africa's economic growth remains markedly slower than that of smaller SADC economies. To harness these strengths, South Africa must convert them into increased growth, heightened investment, and enhanced employment. This requires reliable logistics, effective governance, social stability, and an unwavering commitment to excellence.

At Minara, the Chamber acknowledges its responsibility to contribute to the nation's economic progress. By partnering with Trade & Investment KwaZulu-Natal and the International Trade Council, Minara aims to connect businesses with international markets, expand capabilities, stimulate investment, and position South Africa as a premier destination for enterprise and global opportunity.

The recent awarding of the 2026 Nobel Peace Prize to Judge Navi Pillay is a moment of national pride, especially in light of the mounting challenges facing international institutions, the rule of law, and the protection of human dignity. It underscores the importance of South Africa's contributions to the world being measured not only by economic metrics but also by the values upheld, institutions strengthened, and leadership provided.