THE V&A Waterfront’s R33 billion contribution to the country’s GDP and the creation of more than 19 000 jobs is the result of its strategy to ensure the shopping hub remains fresh and relevant for local and international visitors.
This is according to an economic assessment released this week.
There have been increases in jobs and international and local visitor numbers. The report revealed that the V&A Waterfront’s contribution to GDP increased by 8.7 percent. The assessment was done over the past two years. Visitor numbers increased from 21.5 million in 2012 to 23.1 million in 2014. The number of direct jobs created rose by 16.3 percent.
V&A Waterfront executive officer David Green said the increase in job creation came as a result of new developments, but also through the focus on small business.
“Enterprise development is crucial for South Africa because of its ability to create jobs which, in turn, act as a catalyst for economic growth,” he said. “Through giving practical assistance to small-scale businesses and by providing them with a solid platform from which they can showcase themselves and develop, the V&A Waterfront is playing a vital role in generating meaningful economic growth.”
He said R50 million had been invested in the redevelopment of the new tourist hot spot’s Watershed.
“Today it is an open-ended, light and airy building that serves as a hub of innovation, creativity and small business. These businesses not only create direct jobs, but also impact the economy through the creation of indirect jobs. It’s proving to be very successful,” Green said.
The growth in contribution to GDP and job creation were also as a result of the new Silo District and the recently opened Watershed Africa’s new home for craft and design.
Green said over the past two years they had focused on redeveloping existing areas and spending R135m, which included the redevelopment of the food court, increasing the Pick n Pay store’s space and creating the Watershed.
“Our visitor numbers show that we have proportionally more Capetonian visitors than ever before. Domestic and international tourism also remains robust.”
Economic Opportunities MEC Alan Winde said: “The V&A Waterfront is indeed a world-class venue and one of Africa’s leading attractions. In 2014 it contributed R29.3bn to the Western Cape’s Gross Geographic Product, which is the provincial equivalent of the GDP.” – Staff Writer