INFORMAL TRADE: Boost for Green Point Market
Recent Western Cape Business News
Seven hundred and twenty one applications from Green Point informal traders have been registered on the City of Cape Town’s database. By 9 am yesterday, 338 traders had been verified and the applications of the remaining 383 were still being processed. Approximately 60 applications were received from traders who already had access to other trading sites.
Councillor Simon Grindrod, the Mayoral Committee for Economic, Social Development and Tourism said: "I am very happy with the progress made to date. In the past week we have been overwhelmed with applications from traders from all walks of life. The enthusiastic way in which they are helping the City to create informal trading opportunities is very encouraging."
The site is being prepared and the City will provide details of trading arrangements to the applicants on Friday, 10 October. Trading is expected to start on 19 October.
The Green Point Informal Traders were informed on Sunday, 5 October that an alternative site would be provided.
Establishing informal trading spaces in the CBD is part of the City’s strategic objective of creating opportunities for informal traders. The City has prepared a detailed operating plan for the temporary site to ensure its success. It will have the added benefits of portable public toilets, increased security, traffic management and signage to ensure that current customers can find their way from the old site to the new market. The City will provide funding, where necessary, for the temporary market.
The informal traders will move back to the designated traders’ plaza outside Green Point Stadium after the 2010 FIFA World Cup. The City of Cape Town is realigning its departmental resources to better manage informal trading so that more unemployed residents can benefit. The value of the informal trading economy in Cape Town is estimated at a conservative R1 billion per annum.
Cllr Grindrod added: "Informal trading has low barriers to entry. It has a huge potential to create jobs and contribute positively to the economy of Cape Town. Informal trading provides a platform for ordinary people to become entrepreneurs and to develop further. The City has various support programmes for informal traders, such as the business support voucher programme, that help to finance business plans for aspiring entrepreneurs. The importance of informal trading for the Cape Town economy has been well demonstrated. Informal trading provides a vital lifeline for thousands of families who would otherwise never have access to the economy because they lack or cannot access the necessary capital. It provides a real opportunity for people to escape the poverty trap."
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