Forum to boost province
City’s hosting of world economic summit to inject R19 million into local economy
THE City estimates that R19million will be injected into the local economy during the four days that the World Economic Forum (WEF) is in Cape Town.
James Vos, Mayco member for economic opportunities and asset management, based his estimates on the figure of 1000 delegates attending the forum and said that this was in addition to the economic and job creation benefits.
Meanwhile Wesgro, the official tourism, trade and investment promotion agency for Cape Town and the Western Cape, said that the conference was a major boost for Cape Town’s brand and would assist in their efforts to promote tourism, trade, investment and film in the city, the province and South Africa as a whole.
Wesgro chief executive Tim Harris said: “This major conference is set to boost the Cape economy in two ways – in direct spending by delegates attending this important international event, as well as boosting the brand of the Cape as an economic and ideas hub on the continent.
“This is incredibly important for our promotion efforts, as the world’s eyes will be on Cape Town.”
After the last WEF in Cape Town, the Cape Town International Convention Centre (CTICC), which is hosting the event again this year, said in a statement: “The huge event required incredible planning and meticulous attention to detail. Several jobs were created as a result of the event.” It said that waste which the centre diverted from landfills and upcycled significantly contributed to the Western Cape economy.
Cape Town and the Western Cape contribute to the economy in being Africa’s tech hub, with the Cape Town-Stellenbosch tech ecosystem employing more people than that of Lagos and Nairobi combined.
The province is also a foreign direct investment destination, attracting more than 299 projects in the last 10 years, exceeding more than $7 billion.
The Western Cape is also the fastest-growing green economy in Africa, with 70% of all South African renewable energy manufacturing taking place in the Western Cape.
The city is also reported to be the business tourism capital in Africa, attracting more conferences than any other African city.