Billions flooding into W Cape’s business coffers
23 Apr 2019 - by
The Western Cape secured R2.85 billion in facilitated investments in the 2018/19 financial year.
Projected to be realised over a five-year period and creating some 1000 new direct jobs, the investments are spread across a variety of sectors including manufacturing, technology, pharmaceuticals, real estate and agribusiness.
According to Wesgro chief business officer, Yaw Peprah, the Western Cape’s investment promotion team manages a pipeline of investors, assisting them to do business - currently valued at R29.4 billion - in the city and broader province.
During the last quarter 25 new investment projects were brought on board.
“A key focus in 2018/19 was to strengthen Wesgro’s relationship with municipalities across the province to assist in promoting and attracting investment into locations across the entire region.
“During this last quarter alone the team engaged with Hessequa Municipality, Theewaterskloof Municipality, Mossel Bay Municipality and George Municipality,” said Peprah.
During the fourth quarter, to boost international investor confidence, two outward missions were undertaken to the USA and the Netherlands.
In addition, Wesgro hosted 28 inward business delegations – three each from Germany, China and Switzerland, two each from Thailand and Israel, and one each from Hong Kong, Canada, Malaysia, Sweden, Uganda, USA, Japan, Netherlands, Mauritius, France, Thailand and Qatar – to name a few.
Western Cape economic opportunities minister, Beverly Schäfer, said the province would continue to create an enabling environment for investment and job creation.
“The R2.85 billion in investment secured in the last financial year signals confidence in the provincial economy,” she said.
“As the province is positioning itself as a global technology and green manufacturing hub, we are pleased to see that some of these investments have been made in the tech and the waste sectors, while further investments have been made into agri-processing, a priority sector under Project Khulisa."