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 Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Are you entitled to your spouse’s pension after divorce?

Divorce means more than just parting ways with your partner. It may also involve parting ways with your assets. The Divorce Act states that your retirement fund forms part of your assets. This means that it will be considered when dividing up your assets.

Retrenched – what payments are you entitled to?

In the current struggling economic climate, retrenchments are a regular occurrence and not everyone survives the cut. If you find yourself on the receiving end of retrenchment you may have questions about the payments that are due to you.

Do you want to settle your debt?

You may be considering settling your credit account, whether it’s a credit card or various store accounts, now may be as good a time as any. This especially if you have saved, or you received a tax return or salary bonus. 

Deals

Builders Black Friday Special

Price: R5000
When: Until 29 November 2019
Where: Online

Café Rousse Monday Special

Price: Available on request
When: Mondays
Where: Nationwide

Skye Bar Mojito Special

Price: R55
When: Until 31 December 2019
Where: Johannesburg