A report has revealed that the agencies the City of Cape Town has invested in to generate economic and employment growth have enabled over R550-million in investment value and created 520 jobs for locals between January and March this year.
Mayco Member for Economic Opportunities and Asset Management James Vos says that the City’s special purpose vehicles (SPVs) have played a pivotal role in increase job opportunities in the city: “The most recent quarterly report on the performance of Wesgro and the City’s special purpose vehicles (SPVs) has revealed that an investment value of more than R550-million was facilitated into Cape Town’s economy.”
SVPs are businesses which are funded by the City’s Enterprise and Investment Department, such as GreenCape, Business Prices Enabling South Africa (BPeSA) and Wesgro. These enterprises are aimed at stimulating key sectors in the city’s economy. These businesses focus on various sectors including business process outsourcing, renewable energy, technology, medical waste, and real estate.
404 residents who are most in need benefited from the skills development opportunities offered at the SVPs, creating better quality of life for families across the city. SVPs have created an enabling space for business, skills development and the promotion of Cape Town as a trade and investment destination in the world.
Vos comments on the efforts of the BPeSA, commending them for the large number of jobs generated in this sector. “I am particularly proud of the work being done by BPeSA Western Cape. This organisation facilitated over R83.2-million of the total investment, leading to 347 new job opportunities being created in Cape Town for the same period. Since the beginning of the 2018/19 financial year this SPV has performed remarkably well in facilitating over R500-million worth of investment which has contributed to the creation of 2 398 jobs,” he says.
Priority sectors are identified by the City for their potential to grow Cape Town’s economy and increase job opportunities.
Priority sectors identified for possible growth are:
– Communication and technology
– Business process outsourcing and off-sharing
– The green economy
– Craft and design
– Clothing and textiles
– Wesgro sectors (including agribusiness, niche engineering and manufacturing sectors).
Vos is positive about the future growth and potential for investment in Cape Town. “Overall, I am very pleased with the work that is under way to cement the City’s reputation as one of the go-to destinations on the continent for investment and economic growth, and hope to build on this during my term of office,” he says.