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Western Cape to receive economic boost of more than R10.3bn over next five years

The investment will help create more than 10 500 full-time and part-time jobs.
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Western Cape to receive economic boost of more than R10.3bn over next five years

The Western Cape province and Cape Town can expect an economic boost of over R10.3billion in the next five years.

Wesgro announced the investment figures on Monday at an annual review of its performance.

In addition to the investment, the province can also expect 10,500 full-time and part-time jobs over the same period.

“Tasked with the promotion of tourism, trade, and investment, Wesgro has experienced the profound impact that the closing of our international borders has had on many of our sectors. In the crisis, the agency re-imagined delivery on its mandate, and despite the global and local headwinds, managed to not only achieve but often exceed targets,” Wesgro said in a statement.

Wesgro’s 2019/20 Annual Report results from various units include:

International Trade:

During the past financial year, Wesgro’s International Trade Promotion Unit facilitated the signing of 37 business agreements with an estimated economic value of R3.08bn over the next five years, expected to create 973 jobs. Further to this, the unit facilitated outward foreign direct investment projects valued at R428.75m.

Investment Promotion:

Wesgro’s Investment Promotion Unit, meanwhile, realized committed investments worth R2.24bn, to be landed over the next five years, which translated into 1 485 jobs. A key success for the unit, achieved in collaboration with GreenCape, was assisting Toronto Group to invest in Wellington, injecting an investment flow of R150m and will create more than 100 direct jobs in the region.

Agribusiness Investment:

A key part of our investment promotion effort is the work done by our dedicated Agribusiness Investment Unit, funded by the Western Cape Department of Agriculture. This team helped land investments in the agribusiness sector amounting to R557m off the back of 6 investments. These are expected to create 635 jobs over the next five years. Contributing to this achievement was the Felbridge Pty Ltd investment into the cultivation of South African medicinal cannabis where Wesgro assisted with regulatory approval, which resulted in 150 direct jobs and 120 million investment.

Film and Media Promotion:

The Film and Media Promotion Unit, together with the City of Cape Town, worked hard to keep attracting film production in the Cape. The Unit secured R2.189bn in production value, declared in 5 declarations, contributing toward 2 147 full-time equivalent jobs. Two of these declarations into the production of large-scale TV and feature film were valued at a total of R1,615bn resulting in 1 810 full-time equivalent (FTE) jobs.

The gaming, interactive, and post-production spaces also continued to show good growth realizing a total of R139 million and creating 196 FTE off the back of two declarations.

Leisure Tourism:

Emerging from the devastating drought, the unit managed to not only achieve but exceed targets. Realizing R935.6m worth of advertorial value equivalent media coverage, the unit supported 49 leisure events across the Province, which created 4 896 temporary jobs, driving 292 474 visitors to the regions.

Business Tourism:

Similarly, the Cape Town and the Western Cape Convention Bureau, which is responsible for promoting Cape Town and the Western Cape amongst meetings, incentives conference, and event organizers, secured 52 conference bids for the destination. This had a projected economic impact of R1.23bn.

Winning bids for world-class conferences across a variety of topics and sectors, these events not only added significantly to the knowledge sharing economy of our destination but contributed to Cape Town maintaining its top position in Africa, in the ICCA 2019 ratings.

Cape Town Air Access:

Cape Town Air Access contributed to landing 2 new airlines, 3 new destinations, and 3 route expansions. The new airlines and destinations include United Airlines (New York/Newark), Westair (Windhoek via Oranjemund), and Airlink (Saint Helena). The new flights added an additional 44 000 two-way seats to the Cape Town route network, generating an estimated R165m in direct tourism spending and 400 additional jobs in the Province. Cargo capacity has also increased significantly by 54% since the project started.

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