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Home » Industry News » Business Advisory & Financial Services » City puts Cape Town’s economy on global centre stage

City puts Cape Town’s economy on global centre stage

A host of consular-generals representing countries across the world gathered this week for an event led by Alderman James Vos, the City’s Mayoral Committee Member for Economic Growth, where he detailed the state of Cape Town’s economy and its opportunities.

‘Now, we know that on a national scale, our economy is stuttering. In Cape Town, it is clear that a different story is emerging. This is because the City government is determined to put the best possible systems, structures and programmes in place to allow big dreamers to go out there and make things happen. To create jobs,’ said Alderman Vos.

Specifically noting the success of the Special Purpose Vehicle (SPVs) partnership programme, Alderman Vos highlighted the billions of rands in investments and jobs created in Cape Town.

‘In the last two financial years (2022/23 and 2023/24 to February 2024), our SPVs partnership programme has reaped R13 billion in investments and directly created more than 32 000 jobs. That is not even to speak of the countless more jobs downstream,’ he said.

One of the SPVs is GreenCape who facilitated R1,733 billion in investments in Cape Town between July 2022 and June 2023.

‘Through GreenCape, we are expanding our investment promotion of Cape Town as a green energy hub while extending skills development opportunities to more communities and small businesses,’ said Alderman Vos.

In presenting the organisation’s projects and programmes to the consul-generals, GreenCape CEO, Mike Mulcahy, said that Cape Town has been at the forefront of the country’s energy products.

‘Cape Town is also home to the bulk of South Africa’s energy manufacturing industry,’ said Mulcahy.

In closing, Alderman Vos noted the growth in exports from Cape Town from R66,6 billion in 2013 to R111,5 billion in 2022.

‘Over the past decade, our city has not just exported goods; we’ve exported innovation, craftsmanship, and the invincible spirit of Capetonians. Together, we’ve not only shaped economies, but left an indelible mark on the world – a testament to the limitless potential that lies within the heart of Cape Town. Thank you for choosing Cape Town,’ said Alderman Vos.

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