City of Cape Town’s support brings investment worth R2.67bn, creates 6 236 jobs
The City of Cape Town, via its enterprise and investment department under the directorate of the mayor, has facilitated R2.67-billion worth of investment which has resulted in 6 236 direct jobs created for the people of Cape Town in the past financial year (July 2016 – June 2017), the city said on Sunday.
“The achievement of R2.67-billion worth of investments, 6236 direct jobs created, and 2 052 people who received training comes against the City of Cape Town internal targets of R2.5-billion worth of investment, 5 000 jobs, and 800 training initiatives respectively,” mayor Patricia de Lille said.
The city managed to attract the investments and skills training via its partnership with the special purpose vehicles (SPVs) and the Western Cape Destination Marketing, Investment, and Trade Promotion Agency (Wesgro).
SPVs were established to fulfil mandates in line with the Western Cape government and city objectives of investment facilitation, industry development, job creation, and economic growth; while Wesgro was established by the Western Capegovernment in collaboration with the city to develop and grow priority sectors in Cape Town.
The city, for the past financial year, contributed R21.8-million in funding to the organisations to use to facilitate investment and industry development through sector-specific interventions.
The investments were facilitated in business process outsourcing, manufacturing, ICT, real-estate development and infrastructure. The source countries for these investments included the United Kingdom, Australia, The Netherlands, France, and the Middle East, as well as new and expansion projects by local companies.
“These are massive gains for Cape Town, especially in light of the various economic setbacks that South Africa has suffered in the past months, including ratings downgrades and electricity and water challenges, among others.”
“By cutting red tape, making it easier to do business in the region, and ensuring clean and efficient government, the city has successfully positioned itself as a top destination for investment globally.
“We will be pushing the boundaries even more and letting the world know that Cape Town is open for business so that we can alleviate poverty through creating the much-needed jobs,” De Lille said.