City enables billions in investment and thousands of jobs
26 June 2020
MEDIA STATEMENT BY THE CITY’S MAYORAL COMMITTEE MEMBER FOR ECONOMIC OPPORTUNITIES AND ASSET MANAGEMENT, ALDERMAN JAMES VOS.
Since 2017, the City’s Investment Facilitation Unit (IFU), within the Enterprise and Investment Department, has assisted with investment to the value of approximatelt R39 billion leading to 26275 jobs.
As we work to get our local economy back on track after significant disruptions due to the global COVID-19 pandemic, services that have proven to attract, support and land investments in the City of Cape Town are essential.
I am immensely proud of the work done by the IFU and the services they offer, which have certainly made a significant contribution to the health of our local economy. These services include:
- Supporting development processes for major investments or those deemed strategically important;
- Identifying systemic bottlenecks in City processes that need to be addressed in order to make it easier for all investors;
- Managing the Atlantis Investment Facilitation Office (AIFO), including helping to establish the Atlantis SEZ;
- Managing the City’s investment incentives programme; and
- Providing aftercare and business retention services to investors.
While the IFU is not a decision-making unit, the key to their success is their ability and focus on working closely with colleagues in relevant departments within the City of Cape Town to ensure processes run smoothly.
In the first three quarters of the 2019/2020 financial year, the unit has had almost 400 engagements regarding investments into Cape Town. I had the opportunity to join in many of these engagements which included, incentive consultation, one-stop shop service, aftercare and business retention, as well as general enquiries or exploratory consultations.
Since 2017, the IFU has facilitated seven investment expansions and eight new investments. This is no small feat and has meant that thousands of jobs have been secured for the residents of Cape Town.
The City of Cape Town is committed to ensuring that we allocate funding to programmes that work for the residents of Cape Town. That is why the City has secured additional resources for this unit in the next financial year so they can continue to grow the economy by ensuring the retention of existing businesses, helping expand current investments and securing new ones. This is particularly important for the recovery of our economy going forward.
More information on these impressive and proven services can be found on the Invest Cape Town website at www.investcapetown.com and I encourage any investors thinking of setting up operations in Cape Town or expanding their current operations to contact the IFU on email@example.com.
Together with my Enterprise and Investment Department, I will continue to use all levers at my disposal to continue to expand current investments and bring in new ones. This is a priority as we plot the road to recovery post-COVID-19.