Learning from Cape Town’s efforts to attract investment
Recent media reports have reflected on the City of Cape Town’s achievements through promotion of investments and enterprises to facilitate R2,67 billion worth of investment resulting in 6 236 direct jobs created for the people of Cape Town in the past financial year ending June 2017. In addition 2 052 people have received training in various skills development programs.
Of significance, these achievements are measured against internal targets of R2,5 billion worth of investment, 5 000 jobs and 800 training initiatives respectively, for the year.
The investment promotion efforts have been supported via partnerships with the Western Cape Investment and Trade Promotion Agency (“Wesgro”) and special purpose vehicles (“SPVs”) who have participated in the development of a range of job creation projects in priority economic growth sectors. The SPVs include partnerships in the business process outsourcing, renewable energy, ICT, craft, clothing and fashion, manufacturing, real-estate development and infrastructure sectors. The City contributed R21,8 million in facilitation funding for sector specific interventions to enhance sustainable growth and competitiveness in identified sectors that contribute to the City’s economy.
The investments originated from source countries including the United Kingdom, Australia, the Netherlands, France, the Middle East as well as new and expansion projects by domestic (South African) companies.
The results have supported the City’s efforts to position Cape Town as a globally competitive business destination and to enhance the objectives to create an environment for economic growth and job creation through business support projects to assist investors with all the information they need to invest and open companies in Cape Town. These continued efforts by the City and its partners include branding Cape Town’s investment opportunities through the ‘Invest Cape Town’ initiative and Wesgro’s air access initiative (inward tourism), amongst other things.
The resilience of the City’s economy, the quality of governance, cutting of red tape, making it easier to do business in the region, and ensuring clean and efficient government, have assisted in successfully positioning itself as a top destination for investment globally.
It is these lessons that need to be replicated to assist Invest Garden Route’s efforts to grow the region’s economy and jobs. See also the website: www.investgardenroute.co.za