CAPE TOWN, The Western Cape does face a number of challenges, but there are still an abundance of investment opportunities in a variety of sectors, economic opportunities MEC David Maynier has said.
There is more to Cape Town and the Western Cape than meets the eye. We are not only a beautiful place to visit but also a top business destination, and an economic powerhouse on the African continent.
“We have a lot to be proud of, but there is still more work to do, and we are focused, even in this time where many people have lost hope, or who have lost trust in government, on actually ‘getting stuff done’ in the Western Cape, said Maynier.
He was addressing delegates at the Investor Confidence campaign launch in Cape Town on Thursday.
The project is a collaboration between the Western Cape government, City of Cape Town, Invest SA’s One Stop Shop, and Wesgro.
In our case, we are focusing on agribusiness, manufacturing specifically clothing and textiles and marine manufacturing, engineering services, tech and ICT, and real estate and property, Maynier said.
He added that the provincial government was “working hard” to create an enabling environment for businesses in an effort to grow the economy and create jobs, especially for young people.
We will, going forward, back business by being responsive to business, by being open for the business, so that we can, together, continue to grow the economy and create jobs, and give hope to people who do not have jobs, or who have given up looking for jobs, in the Western Cape. I’m excited that we’re launching this important campaign today to help attract more investment into the province.
Seven of the top 10 exported products from the Western Cape are from the agriculture and agriprocessing sectors, including citrus, table grapes, wine, apples and pears.
The province is responsible for an estimated 70% of South Africa’s beverage exports, while at the same time, almost half of Africa’s imports of fermented beverages are from the Western Cape.
When it came to manufacturing, Maynier said, the Western Cape had the highest concentration of clothing manufacturing activity in the country.
Now is the time to take advantage of the shifts taking place in the global clothing and textile industry and the emergence of clothing and manufacturing hubs in Africa.
As Africa’s leading digital hub, he said, Cape Town and the Western Cape were home to numerous tech startups, as well as established international tech companies.
Half of the top universities in Africa are from South Africa, with two of the top three universities being located in the Western Cape: The University of Cape Town, the University of Stellenbosch, the University of the Western Cape and the Cape Peninsula University of Technology.
Commenting on real estate and property, the MEC said the latest available information showed that investor confidence in the Cape Town city centre remained high during 2018, with the most significant indicator of investor confidence in central Cape Town being the growth in property value of more than R12,2 billion from 2016/17 to 2018/19.
Source: African News Agency