Hopes for much-needed jobs in the Western Cape have received a boost with the injection of nearly R8 billion into the province. Picture: The City of Cape Town
Hopes for much-needed jobs in the Western Cape have received a boost with the injection of nearly R8 billion into the province. Picture: The City of Cape Town

President Ramaphosa’s investment summit sees nearly R8bn injected into Western Cape

By Mwangi Githathu Time of article published Nov 30, 2020

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Cape Town - Hopes for much-needed jobs in the Western Cape have received a boost with the injection of nearly R8 billion into the province as a result of President Cyril Ramaphosa’s recent investment summit.

The summit saw the announcement of five substantial investments in Cape Town and the province.

Top of the list of investors were Google, which committed itself to investing R2.2bn; property developers Amdec, R2bn; consulting, digital services and software business Capita, R500 million; dairy firm Lactalis R100m; and data centre hub Teraco, which is pumping R4.4bn into South Africa, of which R3bn is coming directly to the Cape.

Wesgro’s Investment Promotion Unit, assisted by InvestSA One Stop Shop, facilitated the Amdec and Teraco deals, with CapeBPO (formerly known as BPeSA) facilitating the Capita.

Head of the InvestSA One Stop Shop Western Cape, Salman Kajie, said: “The investments bode well for local and international investor confidence, further positioning the Cape as a place with an abundance of investment opportunities.

“The corporates who have declared these investments are pioneers in their fields and are not distracted by short-term factors. Despite economic headwinds, political uncertainty and a national state of disaster caused by the global pandemic, these investors have evaluated and understand the long-term gains realised by investing in our province.

“Furthermore, by putting down roots in Cape Town and the Western Cape they see the opportunities to capitalise on growth on the wider African continent.”

Finance and Economic Opportunities MEC David Maynier said: “Not only do these investments boost our local economy, but they will contribute to much-needed job creation in the province.

“Maintaining our position as a leading investment destination, retaining investor confidence and attracting new investments remain key as we rebuild our economy following a challenging year.”

Meanwhile, leading figures in the sub-Saharan manufacturing sector will convene virtually at the Manufacturing Indaba, to take place on December 9 and 10, and debate pressing issues impacting on the region’s industrial landscape.

The indaba, organised by the Department of Trade, Industry and Competition in partnership with manufacturers, will see a panel of renowned experts from the sector discuss innovation, leveraging special economic zones for industrialisation, and the near and long-term prospects for technological advancements.

Among the confirmed speakers are Kaashifah Beukes of Saldanha Bay Industrial Development Zone and Lerato Mataboge of the DTIC.

Cape Argus

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