CapeTownEtc / 25 November 2020

Five substantial new investment opportunities will add a total of R7.8-billion to Cape Town and the Western Cape’s economy.

The contributions will be made by Google (R2.2-billion), Amdec (R2-billion), Capita (R500-million), Lactalis (R100-million) and Teraco (R4.4-billion into South Africa, with R3-billion invested into the Cape).

“The investments bode well for local and international investor confidence, further positioning the Cape as a place with an abundance of investment opportunities,” said David Maynier, the province’s Minister of Finance and Economic Opportunities.

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,” said Kajie.

“Not only do these investments boost our local economy, but they will go contribute to much-needed job creation in the Western Cape,” added Maynier. “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!”

“It is very encouraging to see that big corporate players from three of our key source markets (UK, USA and France) are realising the abundance of opportunities on offer in Cape Town and the Western Cape. South Africa’s agriculture sector had a solid start to the year with first-quarter gross value‑added growing by 28% quarter-on-quarter,” WESGRO CEO Tim Harris concluded.

“Similarly, our BPO sector is recognised as a leading offshore destination – offering world class skills at an affordable price. 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.”