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The Western Cape is pulling in big investment bucks, with 296 foreign direct investment projects pouring over R171 billion into the local economy.
Cape Town and Stellenbosch are leading the charge, ranking among South Africa’s top 20 cities for attracting business.
Premier Alan Winde shared these impressive numbers during his State of the Province Address (SOPA) on Wednesday, highlighting that between 2021 and 2023, the Western Cape secured 35 investment projects from European Union countries alone—adding up to a cool R7.37 billion.
“One of SA’s biggest cement companies is setting up a R3 billion plant right here,” Winde said via Cape Argus. “Our Red Tape Reduction Unit has already saved businesses over R2.4 billion, making it easier for them to thrive. Plus, with over 300,000 SMMEs (small, micro, and medium-sized enterprises) operating in the province, these businesses are the real engines of our economy and job creation.”
The Western Cape’s agriculture sector is booming, employing over 240,000 people with even more job opportunities on the horizon. Some highlights from the past year:
- 35 rural projects completed, creating 1,417 jobs and restoring 31,471 hectares of farmland.
- Direct support for 13 red meat producers, two grain producers, and 19 black commercial farmers.
- Assistance for small-scale farmers, helping 3,930 households start food gardens for better food security.
- Funding for the Lower Olifants River Water Users Association, maintaining 268 km of canals that support 840 farms.
- R25 million investment to modernise the Provincial Veterinary Laboratory.
Tourism is another major job creator, and the numbers prove it! According to the World Economic Forum, every 30 new tourists create one new job. The Western Cape has set a bold target: one million more international visitors, which could mean over 33,000 new jobs.
December 2024 was a record-breaking month for Cape Town International Airport, with 160,537 international arrivals—the highest in 12 years. A huge part of this success comes from the Cape Town Air Access initiative, which has been working behind the scenes for nearly a decade to bring more flights and tourists to the province. And it’s paying off:
- Seven new airlines have landed in the Western Cape.
- Seven new routes are now open.
- One million more inbound seats have been added.
“This project shows that long term work pays off,” Winde says.
“From its humble beginnings almost a decade ago, Cape Town Air Access is now flying higher than ever. This initiative between the provincial government, Wesgro, and Cape Town International Airport is further opening the Western Cape’s skies to more tourists and destinations.”
With massive investments, booming agriculture, and a thriving tourism industry, the Western Cape is making serious moves – and the future looks even brighter.
[Source: Cape Argus]
