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Home » Featured » AIU secures R350 million worth of investment deals

AIU secures R350 million worth of investment deals

I am pleased to announce that Wesgro, the Western Cape Government’s mandated international trade and investment promotion agency, has helped secure R350 million worth of agribusiness investment deals into the Western Cape during the first half of the year.

Despite tough economic times and a crippling drought, the Agribusiness Investment Unit (AIU) is more than halfway to reaching their target of R500 million for the year.

I am also proud to reveal that as a result of the investment secured, 525 direct jobs is expected to be created. This is welcomed news, as we seek to lower our province’s unemployment rate even further.

The agribusiness sector is a key component of the Western Cape’s economy and is responsible for 220 734 jobs in the province with 216 088 in primary agriculture, which equals 16.4% of all jobs in the Province.

The following four companies have signed declarations setting out their expected investment and job creation impact during the first two quarters:

  • Almond Creamery – is South Africa’s home of locally made plant-based nut milk. They have invested R20 million which in turn will create 20 jobs.
  • Felbridge (Pty) Ltd – is a medicinal cannabis cultivator. They have invested R120 million, which in turn will create 150 jobs.
  • Italian Cheese Academy – produces and sells Italian cheese. They have invested R 10 million, which in turn will create 5 jobs.
  • Tomis Group – is a market leader in the supply of quality lamb and beef products. They have invested R200 million, which in turn will create 350 jobs.

“During 2018 agribusiness in the Western Cape contributed R37 billion worth of exports which makes up an estimated 29% of all outputs in the province. The sector is a key economic driver and positively impacts the employment rate. This being said, Wesgro is committed to prioritising and growing the industry further. We would also like to thank the Department of Agriculture for their continued support,” says Tim Harris, CEO of Wesgro.

 

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