R150m ploughed into Cape agri-business
Wesgro expects investments to create more than 500 jobs
WESGRO’S Agri-business Investment Unit (AIU) has secured investments of R150 million in the Western Cape over the past four months. Wesgro – Cape Town and the Western Cape’s tourism, trade and investment promotion agency – said yesterday that the investments were expected to create more than 500 jobs in the agribusiness sector.
The AIU, supported by the provincial Department of Agriculture, has secured investments in the province amounting to R1.56 billion over the past three years.
Its main aim is the promotion of economic growth and job creation in the agribusiness sector, through attracting foreign direct investment and facilitating the expansion of established businesses.
Economic Opportunities MEC Alan Winde said the latest investment numbers highlighted the progress of the provincial government’s Project Khulisa growth strategy, through which it selected agri-processing as a key focus sector for accelerated growth and job creation.
“We set ourselves the target of creating up to 100 000 jobs in this sector, and it is clear we are on the right track.
“This is excellent news and speaks to the confidence businesses have in our province.”
Wesgro chief executive Tim Harris said: “This tremendous result demonstrates there is confidence in the economy and that, through showcasing the best the region has to offer, we can continue to attract investors and create jobs.”
According to data from Wesgro, Cape Town secured 25 foreign direct investment projects – including manufacturing, information technology and services – annually from major global players over the past five years. It said 64.7% of foreign investors said they wanted to tap into the domestic market, while more than 50% wanted to access the rest of Africa.
Wesgro’s chief business officer, Yaw Peprah, said the unit was committed to meeting its targets so it could contribute to the growth of the agribusiness sector.
“In quarter one of the 2017/18 financial year, it took 52 meetings with corporate entities and attended nine conferences or sector events. It also received one inwardbound mission from Vietnam, focusing on suppliers of ostrich meat and nuts.”
Peprah said the unit was planning to raise the profile of the province as an agribusiness investment destination over the next few months with missions to China, the US, the Netherlands and the UK.
“In addition, the AIU is looking forward to supporting the Agri Investment Indaba, which will be held at the Cape Town International Convention Centre from November 20 until 22. The unit also expects to host a range of inbound investor delegations from across the globe.”