The City’s Mayoral Committee Member for Economic Growth, James Vos, delivered this speech at the council meeting on 31 May 2024, marking the passing of the new financial year’s budget. This budget, focussed on fostering economic development, outlines key investments and initiatives aimed at creating jobs, supporting businesses, and boosting Cape Town’s economy.
“A region’s economic vitality is best measured by its employment rate. More jobs mean thriving communities, flourishing businesses, and social stability. Our role in government is to create conditions where businesses succeed and opportunities abound. Sadly, in South Africa, government actions often stifle growth, spreading inequality, crime, and poverty.
But in Cape Town, we are writing a different story. Since November 2021, more than 300,000 jobs have been added.
I’ve witnessed this transformation first-hand. I’ve visited factories, call centres, and construction sites, meeting some of the newly employed. I’ve heard their stories—families now affording proper meals, young people rising through the ranks thanks to training from the City’s CapeBPO initiative.
Despite our progress, many Capetonians still await their chance at prosperity. That’s why our Economic Growth Directorate budget for 2024/2025 is set at R830 million. We’re investing in the future of our city and its people.
We are supporting Small, Medium, and Micro Enterprises through the Business Hub focusing on smart procurement and supplier development.
Our Jobs Connect program has already helped thousands find work.
We are boosting tourism and place-marketing to build on the recent surge in travellers.
Our investment promotion efforts, in partnership with Special Purpose Vehicles and Business Partners, have facilitated R25.4 billion in investments, in sectors ranging from marine manufacturing and technology services to green energy installations and clothing production.
We will invest in our strategic assets to stimulate supply and demand in a business-friendly manner.
Our property transactions pipeline aims to unlock economic opportunities by disposing of and leasing properties through compliant innovation.
I am pleased to confirm that this budget includes R141 million for upgrading informal trading infrastructure and business support programs. We are also reducing the trading permit tariff to allow traders to buy more stock, boosting their profits and benefiting their communities.
Our initiatives are designed to empower traders, facilitate easier access to the formal economy, and enable business owners to scale their businesses more effectively. My team and I will continue to push for the improvement of trading conditions across the metro, as it is a crucial part of our long-term strategy to boost Cape Town’s economy.
I truly believe Cape Town possesses incredible people, places, and products—vital features for a fruitful economy that continues to grow. To nurture our sectors with tangible measures and actions, this budget is crucial.
We are not just imagining a brighter future; we are building it. For every Capetonian employed and every business that flourishes, we are proving that growth and prosperity are achievable.
Let’s continue to write this success story together.”
