06-06-2017
Wesgro notes Stats SA’s announcement that South Africa’s gross domestic product (GDP) growth rate has contracted for the second consecutive quarter, resulting in a technical recession.
As Cape Town and the Western Cape’s official tourism, trade and investment promotion agency, Wesgro has been doing all it can to boost investment into the province and increase exports, and thereby contributing to the economic growth of the region and the country.
“We have been on a mission to remind all existing and potential investors that the Cape is a safe, secure investment destination that can provide a stable base for businesses to grow new markets in South Africa and the rest of Africa.
“To date we have seen excellent results. Our Air Access unit secured two new international routes and an expansion last quarter. Last month we facilitated a trade and investment mission to the UK which led to potential partnerships in tech and rail transport. We also hosted our seventh and biggest annual Africa Day Business Seminar which had over 100 attendees from across the continent,” said Wesgro CEO Tim Harris.
“As a city administration we are determined to continue building an enabling environment for economic growth and job creation. Our ambitious Organisational Development and Transformation Plan has established the new strategic priorities for the next five years. These include positioning Cape Town as a forward looking, globally competitive business city; dense and transit-orientated growth and development; an efficient, integrated public transport system; leveraging technology for progress and resource efficiency and security. Each of these priorities is supported by numerous programmes and initiatives designed to make Cape Town an attractive destination to visit, live, work, play and invest,” said Cape Town Mayor Patricia de Lille.
“The Western Cape economy has consistently outperformed national over the last while. The provincial economy has become resilient, despite the drought, economic and political shocks. We’ve seen good performance in Project Khulisa’s focus sectors, specifically in tourism and agri-processing. We also have the lowest broad unemployment rate. In the Western Cape, we will continue to focus on creating an enabling environment which encourages growth and jobs,” added Western Cape Minister of Economic Opportunities Alan Winde.
Wesgro’s recently published Global Economic Priorities for the Cape highlights significant opportunities for Cape companies looking to invest, export, and tap into the growth of our tourism economy and the agency has invited local companies to join our upcoming trade and investment missions into the rest of Africa and the world.
In the second half of this year Wesgro will also open the Cape Investor Centre, a new one-stop shop where large investors can easily complete local, provincial and national regulatory processes in a single location facilitated by the agency.
“We intend to do everything we can to maintain confidence in the Cape economy, and ensure increased levels of investment and trade so that we can contribute to our country’s economic growth,” concluded Harris.
