Guiding consumers since 2009

Invest Cape Town: More than just a tourist destination

By Jessica Anne Wood

Cape Town is determined to see its reputation as a top tourism destination expanded, as it aims to draw investors to the city. Both local and international investors are being encouraged to invest in businesses around the city.

Lance Greyling, director of trade and investment at the City of Cape Town, explained: “This initiative is primarily aimed at changing the narrative around Cape Town as simply a tourism destination to one that is positioned as a globally competitive business destination. We are therefore not directing this initiative specifically at investors but rather seeking to activate those stakeholders who can assist in this repositioning exercise.”

Who can invest?

With the aim of attracting more investors, Cape Town is looking to both local and international investors. Greyling stated that Wesgro is still the agency responsible for investment promotion and facilitation. It is hoped that this initiative will assist Wesgro in attracting more interest in the city as an investment destination.

Wesgro together with Bpesa (agency responsible for attracting outsourcing investment having already secured R1.3 billion investment in the period July to September 2016) are already responsible for attracting investment to Cape Town, however, it is hoped that the new initiative with accelerate this trend.

“We also want local businesses to get behind this campaign as we believe that as more investment is attracted to Cape Town the market will grow and assist all businesses in the Cape Town city-region,” said Greyling.

He added: “There is no minimum investment required as we would welcome any investment into Cape Town. In terms of the office of Trade and Investment our mandate is to assist with investments of R100 million or deemed strategically important but we will refer smaller investments to other departments if so required.”

The Invest Cape Town initiative is looking to grow the Cape Town economy. As such it aims to spur investment in both established businesses and as well new investors. However, from a study of the Cape Town economy, Greyling noted that they have identified which sectors they can look to for major growth and job creation.

According to the City of Cape Town website, the below are priority sectors within the province:

  • Agri-business
  • Boatbuilding
  • Business processing and outsourcing (BPO)
  • Creative industries
  • Information and Communication Technology (ICT)
  • Oil and gas
  • Renewable energy
  • Tourism
  • Metals, tooling and niche engineering
  • Pharmaceuticals, life sciences and biotechnology

 

 Handy tip: Looking to invest your money, but not sure where or how? You can apply for a unit trust on Justmoney.

Recent Articles

Featured Get personal with your finances – and tie the knot

As time passes, your financial products may not live up to your needs. Therefore, it’s important to take stock of what you’re paying for and adjust where necessary. We got in touch with financial advisers to find out how you can get your finances in order, and what you should do to ensure you’re financially stable.

Personal loan or business loan? The best way to finance your business

When starting your own business, you may have to rely on external funding. Perhaps you qualify for a personal loan, but would it be better to take out a business loan instead? We got in touch with a specialist to find out whether it’s best to take out a business loan or a personal loan to assist you with your ongoing business or start-up.

What to do when you’ve been denied a home loan

After months of scanning property sites and attending showhouse after showhouse, you’ve finally found what you’ve been looking for. But your dream of owning a home comes crumbling down when you receive the news that you’ve been denied a home loan. So, what now?

Best travel cards offered by top South African banks

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary. But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

Deals

Takealot January Big Sale

Price: Available on request
When: Until 31 January 2020
Where: Online

Annique Restore Package Special

Price: From R600
When: Until 31 January 2020
Where: Centurion

Ster-Kinekor Senior Citizens Discount

Price: Available on request
When: Daily
Where: Nationwide