The President of the Minara Chamber of Commerce, Ebrahim Patel, called for enhanced collaboration between business and government to stimulate investment, create jobs, and strengthen the resilience of the South African economy.
Speaking at the Minara Business Awards ceremony for 2026, Patel highlighted the impact of geopolitical tensions, artificial intelligence, and youth unemployment. He noted that promises of R124 billion in investments in KwaZulu-Natal represent an opportunity for economic growth and job creation.
Ebrahim Patel's Speech:
Patel began by congratulating enterprises and individuals on their achievements, emphasizing that these successes reflect the courage to see opportunities, the determination to invest, resilience in the face of uncertainty, and leadership in creating value for society and the economy.
He noted that the world is in a complex period characterized by extreme uncertainty. The connections between economic power, technological capabilities, and human capital are rapidly changing. Geopolitics is transforming trade, AI is redefining productivity, and economic instability is forcing governments, businesses, and society to rethink the concept of sustainability.
These issues do not exist in isolation; they are interconnected forces that are changing our world and require a measured, collective response. The global situation can be compared to Yeats' quote from his poem 'The Second Coming': 'Things fall apart; the centre cannot hold; mere anarchy is loosed upon the world, The blood-dimmed tide is loosed, and everywhere / The ceremony of innocence is drowned; The best lack all conviction, while the worst / Are full of passionate intensity.'
In Europe, rising fuel prices, the cost of living, housing shortages, and pressure on public services have led to social unrest that is felt by citizens in South Africa as well. Recent unrest in Durban has negatively affected business, communities, and investor confidence, and international personnel have caused concern among trading partners.
Against the backdrop of upcoming local elections, there is understandable anticipation and anxiety within the business community. Regardless of the election outcome, priorities must remain clear: effective governance, accountability, and constructive partnership between government and business. The economy cannot afford prolonged uncertainty or delays in fulfilling campaign promises.
Government, business, workers, and civil society must work together to restore trust, strengthen social cohesion, expand economic participation, and create conditions for investment prosperity.
Globally, geopolitical tensions continue to reshape world markets. Trade is increasingly dependent on strategic rivalry, national security, industrial policy, and geopolitical alignment. The escalation of conflict between the United States and Iran has led to increased inflation and higher borrowing costs for both businesses and consumers.
The consequences of this for South African businesses, which are already under pressure, are significant, and for households and consumers, they are financially devastating.
However, history teaches us that uncertainty is also an environment where leadership is tested. It reminds us of an important truth: in an interconnected world, the nations and enterprises that do not avoid shocks but adapt quickly, diligently, and purposefully become stronger.
South Africa has previously overcome difficult periods, demonstrating an ability to recover, innovate, and find common ground when required.
Durban remains one of Africa's great commercial gateways—a city of entrepreneurship and immense potential. The KZN province maintains its status as a region of vast opportunities, evidenced by the R124 billion investment pledges secured by Premier Themba Ntuli and MEC Muso Zondi during the KZN Investment Week. These investments will create 330,000 jobs.
South Africa possesses significant industrial, financial, agricultural, and commercial capabilities, underpinned by a people whose determination remains one of its greatest assets.
As SADC Chair, South Africa leads a regional bloc of 16 countries, 430 million people, and nearly a trillion dollars in GDP, with 44% belonging only to South Africa. With a GDP of $489 billion, the country is the continent's largest economy. Nevertheless, its economic growth lags significantly behind smaller economies in SADC.
Thanks to its geographical location, regional integration, and stronger trade partnerships, South African enterprise can access a much wider market. The challenge is to translate these strengths into stronger growth, greater investment, and more substantial employment.
This requires reliable logistics, efficient governance, social stability, and an unwavering commitment to excellence.
At Minara, we recognize our responsibility to promote economic development. Our collaboration with Trade & Investment KwaZulu-Natal and the International Trade Council is part of this broader goal: connecting businesses to markets, expanding opportunities, encouraging investment, and positioning South Africa as a destination for entrepreneurship and international opportunities.
The awarding of Judge Navi Pillay the 2026 Nobel Peace Prize was a moment of deep national pride. Her achievement is particularly important at a time when international institutions, the rule of law, and the protection of human dignity face significant pressure.
It is a powerful reminder that South Africa's contribution to peace must also be measured by the values it upholds, the institutions it strengthens, and the leadership it provides. This message is profoundly important.
The second major shift is artificial intelligence. We are accustomed to asking whether AI will replace humans. A more critical question is: what happens to competition when AI and advanced technologies become increasingly accessible to businesses of all sizes?
To benefit from AI, more South Africans need to be trained to use it, build upon it, and create value with it. This requires investment in skills, systems, and managerial competencies.
This brings us to an issue that cannot be ignored: the employment paradox created by AI. The crisis of youth unemployment in South Africa is not just a social problem; it is an economic constraint, a threat to future demand, and a challenge to the sustainability of our society.
Our youth are entering an economy undergoing profound changes. They face the reality of unemployment, fierce competition, and uncertainty about the future of work.
Consider the collision of this reality with the rapid adoption of artificial intelligence. Many young people are striving to get their first job precisely when automation may change some traditional entry-level positions through which experience is gained.
We risk a situation where businesses increasingly demand experience, technology reduces certain career paths, and youth must develop skills for professions that have not yet fully materialized. Such an economic model is unsustainable.
They need more than empty promises; they need something better: education, relevant skills, access to technology, pathways to employment, and the opportunity to start their own businesses.
My message to business leaders is that including youth is an investment in skills, purchasing power, entrepreneurship, and social stability, all of which underpin future markets. Young people are potential innovators, entrepreneurs, consumers, and business owners who will shape our economy.
The late A.P.J. Abdul Kalam noted that targeted education leads to creativity, knowledge, and economic prosperity. A nation's human potential becomes an economic asset only when it is developed and utilized productively.
Ladies and gentlemen, these three forces—geopolitical shifts, artificial intelligence, and the future of our youth—converge on one fundamental question: how do we build a more competitive, inclusive, and sustainable economy in a changing world? We must decide whether the next phase of economic transformation will happen to South Africa, or if South African business will actively participate in it and lead it. We must determine how wisely we will invest, how seriously we will develop talent, and how boldly we will seek new markets.
Today, by celebrating the achievements of our finalists, we recognize exactly these qualities. To all the Minara Business Award 2026 finalists: congratulations. Your achievements demonstrate what is possible when vision combines with hard work, ambition is supported by integrity, and resilience is driven by purpose.
May your success inspire others. May your businesses continue to grow. And may we together help build our economy.
Let us leave this evening with a clear understanding: serious challenges lie before us, but so too is the great opportunity to shape our future. We have a nation worthy of building, a generation worthy of investment, and a future worthy of work.
This is the responsibility of leadership—and an opportunity worthy of South African business ambition.
Ebrahim Patel is the President of the Minara Chamber of Commerce.
