The Western Cape will be receiving some substantial investments soon. At the Presidential Investment Summit last week Google, Amdec, Capita, Lactalis, and Teraco announced individual investments into the province, amounting to R7.8-billion.
The investments are a positive boost for international investor confidence, highlighting the fact that the Western Cape doesn't just have a pretty face but she holds an abundance of investment opportunities too.
Acknowledging the calibre of the investors, Salman Kajie, head of the InvestSA One Stop Shop Western Cape, explained that 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.”
The investments will boost the local economy and will assist in creating jobs, as unemployment has shot up as a result of the pandemic and lockdown restrictions.
“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. These declarations are compelling proof to the local and global investment market that we are open for business!," said Minister of Finance and Economic Opportunities, David Maynier.
The Western Cape's investment opportunities include: Agri-business, Manufacturing, Tech, Creative Industries, Real Estate, Maritime Manufacturing, Business Process Outsourcing to name but a few.
Wegro CEO, Tim Harris, concluded: "The fact that global tech giants such as Google are looking to make a considerable investment in the province, further solidifies our position as Africa's Tech Capital. We welcome these investments and the confidence boost it provides.”
- Google: R2.2bn
- Amdec: R2bn
- Capita: R500m
- Lactalis: R100m
- Teraco: R4.4bn into South Africa with R3bn invested into the Western Cape