The Western Cape will soon receive substantial investment. At last week's Presidential Investment Summit, Google, Amdec, Capita, Lactalis and Teraco announced individual investments in the province worth R7.800bn. The investments positively boost the confidence of international investors, highlighting that the Western Cape not only has a pretty face, but is also home to a wealth of investment opportunities. Acknowledging the caliber of the investors, Salman Kajie, director of InvestSA One Stop Shop Western Cape, explained that the companies that reported these investments are pioneers in their fields and are not distracted by short-term factors. "Despite economic headwinds, political uncertainty, and a state of national disaster caused by the global pandemic, these investors have appreciated and understood the long-term gains from investing in our province. Furthermore, by settling in Ciudad del Cape and Western Cape, see opportunities to capitalize on growth across the African continent." The investments will boost the local economy and help create jobs as unemployment has skyrocketed due to the pandemic and lockdown restrictions. “Maintaining our position as a leading investment destination, maintaining investor confidence and attracting new investment remains essential as we rebuild our economy after a difficult year. These statements are irrefutable proof to the local and global investment market that we are open for business! Said the Minister of Finance and Economic Opportunities, David Maynier. Investment opportunities in the Western Cape include: agribusiness, manufacturing, technology, creative industries, real estate, maritime manufacturing, business process outsourcing, to name a few. Wegro CEO Tim Harris concluded: “The fact that global tech giants like Google are looking to make a significant investment in the province further strengthens our position as the tech capital of Africa. welcome these investments and the renewed confidence they bring."
Individual investments
- Google: R2.2bn
- AMDec: R2bn
- Inhabitant: R500m
- Lactalis: R100m
- Teraco: R4.400 billion in South Africa with R3.000 billion invested in the Western Cape