ECONOMY: Wesgro Secures R1.5bn for WCape
Recent Western Cape Business News
The Western Cape Investment and Trade Promotion Agency (Wesgro) has exceeded its investment target for the province by about R2 million in the past financial year and its board has appointed Acting CEO Nils Flaatten as the CEO of Wesgro with a 12 month mandate.
Wesgro, which is mandated by provincial government to attract investment and promote trade in the province to grow the economy and create jobs, made these announcements at its AGM in Cape Town.
"We have begun a process of re-connecting with Western Cape businesses. It is our aim to make sure that we discuss export opportunities with companies and individuals who are export ready and highlight the markets that we see as growth potential ones. The Agency has generated high quality business intelligence and we must make sure that as many companies as possible have access to use it. The global interest in Africa is on the rise and we see many international investors who are looking to setting up regional headquarters in the city of Cape Town.”
Wesgro acting head of Investment Promotion Ebrahim Khan said at the AGM that Wesgro had secured over R1.5 billion worth of investment in the Western Cape over the 2010/11 financial year. This was an improvement from investment totalling R1 bil in 2009/10 and far exceeded its target to secure R1.3 bil of investment in the province in 2010/11.
This investment of R1.5 bil has led to the creation of 325 jobs in the province in the past financial year.
“This improvement was achieved against the backdrop of difficult global market conditions where the main market characteristics were uncertainty, the lag effect of the global financial crisis and tight credit conditions. Inflows into South Africa fell by a material 77,9% and inflows into Africa are estimated to have dropped by 14% to $50-billion in 2010 illustrating the effect of the global crisis,” said Khan.
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