The Western Cape Tourism, Trade and Investment Promotion Agency (Wesgro) says it has facilitated more than 22 projects, which together are expected to inject more than R4.5 billion into the regional economy over the next five years.
“Wesgro is pleased to report that more than 22 projects were facilitated in the 2020/21 financial year which together are expected to inject more than R4.75 billion into the regional economy in the next five years,” Wesgro said in a statement on Tuesday.
Wesgro said these investments will support the creation of approximately 2 480 new direct jobs and an estimated 5 000 indirect jobs in Cape Town and the Western Cape.
“The Wesgro Investment Promotion Unit’s results for the 2020/21 financial year continue to point to the resilience of Cape Town and the Western Cape as an investment destination, particularly in key sectors such as agribusiness, tech, the green economy and business services during the year under review,” Wesgro said.
Read the full statement here
During the year under review, Wesgro’s Aftercare (Business Growth Services) unit has facilitated more than R800 million in investments, supporting the creation of more than 1 400 new direct jobs and the retention of 221 current jobs.
— Premier Alan Winde (@alanwinde) April 13, 2021
The Business Growth Services unit works closely with the InvestSA One Stop Shop – a DTIC led initiative (managed by Wesgro) that clusters 14 key governmental entities such as SARS, the CIPC, InvestSA and others under one roof to accelerate the investor experience.
“During the period under review, the InvestSA One Stop team resolved more than 18 regulatory challenges on behalf of government, which helped to unlock more than R1.5 billion in investments,” said Wesgro.
Western Cape Minister of Finance and Economic Opportunities, David Maynier welcomed the announcement, saying it was great to see that investors were considering the abundance of opportunities available across the province.
Attractive destination for investors
“The Western Cape is open for business and so, it is great to see that investors are considering the abundance of opportunities available across a variety of sectors in the Western Cape.
“We have been working hard to ensure the province is an attractive destination for investors looking to start or expand their businesses, highlighting the fact that not only are we a beautiful place to visit but we offer world-class infrastructure, a highly skilled talent pool and an enabling environment for businesses to thrive. This is central to our strategy to save jobs and rebuild the economy in the Western Cape,” he said.
Maynier said he was particularly proud of the “biggest achievement” in 2020, a pandemic year.
“We pulled out all the stops to ensure uninterrupted investment facilitation by implementing business retention and expansion efforts as well as administering incentives to drive economic recovery and readiness.
“Our Investment Facilitation Unit, within the City’s Enterprise and Investment Department focuses exclusively on attracting investment, providing various kinds of specialist support to small and large businesses, as well as investment incentives and skills development so we can help businesses reach their full potential and employ more people,” he said.
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