South Africa

Western Cape has lured R10.73bn in investments over the past year

Western Cape has lured R10.73bn in investments over the past year
Cape Town - More than R10.73 billion was injected into the Western Cape economy in the 2018/2019 financial year, with the help of Wesgro, the tourism, trade and investment promotion agency for Cape Town and the province.

Wesgro announced the investment figure on Tuesday, at an annual review of its performance.

Chief executive Tim Harris said: “When reflecting on the 2018/2019 financial year and the work of Wesgro during this challenging period, one keyword comes to mind, collaboration. The ability to work together in finding solutions, across different levels of the government, and between the government and the private sector, is not easy. But it is essential in overcoming the many complex hurdles that face our economy.”

In addition to the investment, the agency had assisted in the creation of close to 4000 jobs in the province.

“Growing tourism, food and wine farms and a rich heritage are Cape Town’s niches, and we do smart marketing to make Cape Town known for these niches.

“All of our growth is coming in the midst of wide obstacles and crisis.

“Towards the end of January in 2018 we had this announcement that we were reaching the point of no return, and suddenly Cape Town was tracking the day we could run out of water.

“We were all feeling the effects,” he said.

Finance and Economic Opportunities MEC David Maynier said: “We have worked hard, harder than any other province, to create an enabling environment for the private sector and for the markets to drive economic growth and job-creation, and to back business in the Western Cape.

“Wesgro play an important role in this effort by attracting direct investment, by growing exports, by marketing destinations, and by boosting air access to the Western Cape.”

Mayoral committee member for economic opportunities and asset management James Vos said: “The agency’s hard work has once again delivered a positive economic impact and supported the facilitation, and creation, of jobs.

“A priority of the City is to generate and maintain the right conditions to attract investment, grow the economy and create jobs.

“A key component to achieve this is the collaboration between the City and its strategic business partners, and I look forward to seeing more bang for the City’s buck in the 2019/2020 financial year.”


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Cape Argus