The initiative, called Platinum Pride, will see the province funding 20% of the value of several projects that have been identified as economically viable to attract private sector investment.

North West, also known as the Platinum Province, already outstrips national economic growth thanks to its mining fortunes. About 35% of all mining production in SA takes place in the province, which holds 74% of the country's mineral deposits.

The new initiative could help the province diversify its economy beyond mining resources.

Platinum Pride deputy CEO Gaba Tabane introduced the project at an investors conference at Sun City this week attended by delegates from 23 countries.
The province has identified several "viable-proven" projects, which include mineral beneficiation, agroprocessing, bioenergy and horticulture projects.

The province will spend R20m on starting the project this year, but Tabane suggested this figure would rise to R30m next year.

MEC for economic development and tourism Maureen Modiselle said the province aimed to grow its exports, but said the absence of direct international charter flights to transport goods in and out of the North West was an impediment.

The province exports goods and services worth R30bn in 2002, or about 10% of all South African exports.