Record-breaking R5bn injected into Cape economy between April & June

Wesgro’s Investment Promotion unit kick-started the new financial year with a record-breaking R5 billion investment secured off the back of a mega real estate deal which is expected to support the creation of 4 000 or so direct jobs over the next five years.

The unit has also acquired twenty-two additional projects which confirms interest in Cape Town and the Western Cape as a lucrative investment destination, particularly in the ICT, Manufacturing, Real Estate, Economy, Energy, and Tourism sectors.

According to Wesgro, the agency is well equipped to address the immediate expansion and retention requirements of existing Western Cape businesses with dedicated Greenfield Portfolio Managers on hand to assist new investment interests.

By offering virtual support to businesses both locally and internationally, the unit successfully launched the Fund Matchmaking Portal in partnership with FinFind to help businesses source the best funding options available to suit their needs with the One Stop Shop Western Cape also offering a full online suite of services through the launch of their quick and easy to use online booking system – a first of its kind for the InvestSA branches.

Further to this achievement, Wesgro’s Agribusiness Investment Unit secured a total of R259.5 million, supporting the creation of 358 direct jobs.

We welcome the latest investment announcement which proves that despite ongoing shocks to the provincial economy, the Western Cape continues to be resilient and remains an attractive destination for investors” commented Western Cape Minister of Finance and Economic Opportunities, David Maynier.

This is testament not only to the abundance of opportunities available across a variety of sectors in the Western Cape, but also our efforts to provide world-class infrastructure, a highly skilled talent pool and an enabling environment for businesses to thrive. This is central to our strategy to save jobs and rebuild the economy in the Western Cape.”

As testimony to our economic readiness, the City has approved over 20 300 building plans worth R21 billion since the start of Covid-19 lockdowns on the 27th of March 2020 to the 15th of July 2021. Major new developments approved by the City worth 40 000 jobs are set to fuel Cape Town’s economic comeback, including Harbour Arch (R14 billion private investment); V&A Waterfront Canal District (R4 billion) and the River Club (R5 billion), to be anchored by Amazon’s Africa headquarters” noted Alderman James Vos, Mayoral Member of Economic Opportunities, Tourism and Asset Management at the City of Cape Town.

I am particularly proud of perhaps our biggest achievement in 2020; during a pandemic year, we have attracted through our City funded strategic business partners, R11.27 billion in investments and created over 7500 new jobs”.

Chief Business Officer and Acting CEO of Wesgro, Yaw Peprah, concluded: “Despite economic and political headwinds, Wesgro’s Investment Promotion unit has managed to raise the bar, securing a record breaking R5 billion into our local economy. Adopting virtual solutions, the team has ensured they’re able to support existing clients and potential new investors, despite varying levels of lockdown. We applaud the team for this outstanding achievement this past quarter, and the agency remains focused on ensuring Cape Town and the Western Cape remains a top investment destination on the African continent.”

Article originally published on Wesgro