CAPE TOWN - Investment promotion agency Wesgro says business confidence in the Western Cape remains buoyant despite the uncertain political climate.
The agency presented its strategy for the upcoming financial year to potential investors in Cape Town on Thursday morning.
Wesgro's CEO Tim Harris says the Western Cape is still considered to be a favourable investment destination, despite the political noise influencing the currency.
“No country has the infrastructure or institutions that we offer, it’s a huge level of certainty provided to business.”
Economic Opportunities MEC Alan Winde says the provincial government are always looking for opportunities no matter the currency's condition.
“As soon as the rand drops, as it just did, you will see further opportunities in trade and export. Our job is to use those opportunities.”
Sixty foreign trade missions will be wooed by Wesgro this year as it tries to sell the Cape to investors.
At the same time, Harris has warned Cape Town’s traffic congestion could be hampering further investment.
He made the comment at the investment promotion agency’s presentation of its strategy for the upcoming financial year in Cape Town.
According to Wesgro’s report, 10 families from Johannesburg are moving to the Western Cape per day half.
Harris says this places pressure on the province’s infrastructure.
“We’re focused on driving growth in those numbers and we started running into constraints. And if you run into constraints without air connectivity - we didn't have enough flights coming into Cape Town so Wesgro partnered with the private sector to create a unit that just focuses on landing more flights."
He adds they are also addressing the traffic issue in conjunction with local government and other agencies.
“Obviously, the city has got an ambitious structure to roll out the programme. But they’ve also introduced things like time shifting to help companies move their day out of the normal 9 to 5 block and Cape Town launched a very innovative car pulling programme last week.”
(Edited by Shimoney Regter)