City of Cape Town’s Informal Economy Summit: The Pathway to Economic Growth

by
1 min read
informal economy economic growth

The City of Cape Town’s Economic Growth Directorate recently hosted the Informal Trading Economy and Expo at the City Hall. The event attracted over 400 traders and aimed to support the informal economy, an essential sector responsible for creating jobs and supporting livelihoods.

Keynote Address

The Mayoral Committee Member for Economic Growth, Alderman James Vos, delivered an informative opening speech. He introduced the various support measures available to traders and highlighted the significance of the informal sector’s contribution to the broader economy.

Summit Topics

The Informal Economy Summit featured an expo component consisting of 20 exhibitors from small businesses to large corporations. Key topics discussed at the summit included support initiatives for the informal trading sector, investments in infrastructure, digitization, and informal economy food systems.

Encouraging Formalization

Lucretia Splinters, CEO of the Mitchells Plain Entrepreneurs Hub, emphasized the importance of knowledge-sharing within communities. She encouraged traders to formalize and comply with regulations to contribute even more to the broader economy and receive increased support from municipalities.

Summit Relevance

Jasmine Page, chairperson of YOUNG FUSION, praised the summit for addressing the pressing issues and challenges faced by traders daily. She found it inspiring to witness the passionate commitment of the City’s departments in finding solutions to improve the lives of those in the informal sector.

Collaboration for Growth

During the summit, Alderman Vos stressed the importance of collaboration between city authorities and traders in growing the sector. The City of Cape Town has already implemented numerous economic support systems for job-seekers, traders, and small business owners across the metro, helping hundreds of thousands of Capetonians access opportunities.

Support Programs

The City offers many support programs, including the Ease of Doing Business initiative, skills development and workforce readiness programs, and a budget of nearly R200 million for various programs aimed at assisting different sectors and levels of the economy.

Investment in Infrastructure

The City’s Directorate plans to spend around R100 million on capital works for strategic economic assets and informal trading infrastructure. This includes funding capacity-building programs, streamlining trader-facing services such as the e-permitting system, and developing a pipeline of infrastructure projects.

Zero Percentage Increase

To support the informal trading sector, the City Council has approved a zero percentage increase on Informal Trading Permits for the 2023/2024 financial year. This decision aims to create more jobs in the sector.

Notable Initiatives

Other notable initiatives include the expansion of the My Cape Town Market series, providing entrepreneurs with a platform to trade and connect with new consumers; the Business Helpdesk, offering free workshops on various topics; and the Cape Town Entrepreneurship Academy, an online learning portal for aspiring and existing business owners.

Overall, the City of Cape Town’s Informal Economy Summit and Expo is a significant step towards recognizing and empowering the informal sector. By connecting traders with valuable opportunities and resources, the City aims to foster economic growth and build a more equitable and just future for all residents.

Tags:

You might be interested in

A Russian-Spanish journalist and Cape Town native, channels his lifelong passion for South Africa into captivating stories for his local blog. With a diverse background and 50 years of rich experiences, Serjio's unique voice resonates with readers seeking to explore Cape Town's vibrant culture. His love for the city shines through in every piece, making Serjio the go-to source for the latest in South African adventures.

View all

Leave a Reply

Your email address will not be published.

humanitarian aid western cape Cape Town
Previous Story

Humanitarian Aid Reaches Western Cape Flood Victims

tourism sector youth empowerment
Next Story

Empowering the Youth through Tourism: A Community Engagement Initiative

Latest from Blog

south africa inclusive growth

The Power of Inclusive Growth and Economic Diversification in South Africa

South Africa’s economic transformation plan focuses on inclusive growth and infrastructure development to address income disparity, empower marginalized communities, stimulate industrialization, and promote economic diversification. The government is also combating corruption, embracing technological advancements, and solidifying relationships with other African nations and emerging economies. At a recent Black Business Council Awards and Dinner, the Minister in the Presidency and President Cyril Ramaphosa outlined the country’s vision for the future, emphasizing the importance of inclusive growth, infrastructure development, digitalization, and partnerships with other nations. This occasion symbolized South Africa’s commitment to economic empowerment and transformation.

workers' day south africa

A Dawn of Gratitude: Workers’ Day in South Africa

Workers’ Day in South Africa is a day of celebration for the contributions and achievements of workers across the nation. It represents three decades of democratic governance and the tireless resilience of workers and trade unions who have played an integral part in the journey towards justice and equality. Progressive legislations have transformed labor rights and workplace conditions, leading to a more equitable and just labor market. However, ongoing efforts are needed to address gender disparities and high levels of youth unemployment. Parliament remains committed to enhancing the lives and working conditions of South African workers.

mountains survival

James Norbury: A Riveting Encounter with Danger and Path to Enlightenment

James Norbury is a talented filmmaker, photographer, and ultrarunner who narrowly escaped a dangerous confrontation with fire while tackling the 14km Box to Box Challenge on Table Mountain. His story serves as a cautionary tale about the importance of being prepared and maintaining situational awareness when exploring the wilderness. Norbury’s experience highlights the delicate balance between man and nature, emphasizing the need for respect, awareness, and readiness.

south africa taxi violence

Prompt Justice: Gauteng Law Enforcement Captures Culprit in Meter Taxi Association Chair’s Homicide

In Pretoria Central, the Gauteng police quickly captured a suspect in the homicide of a Meter Taxi Association chair. The suspect allegedly began shooting at the police before being arrested for murder and possession of an unlicensed firearm. The event sheds light on the persistent issue of violence in the South African taxi industry and the effectiveness of the Rapid Rail Police Unit’s speedy response. The police are investigating potential connections to other crimes related to taxi violence.

south africa economy

The Evolution of South Africa’s Economy: A Retelling by Cyril Ramaphosa

In his keynote speech at the 2024 Black Business Council Gala Dinner, South African President Cyril Ramaphosa shares an insightful and enthralling account of the country’s economic transformation. He highlights the expansion of blackowned businesses since his administration took power in 2019 and pays tribute to the late Dr. Sam Motsuenyane’s significant contribution to economic transformation. Ramaphosa acknowledges the challenges that remain, including high unemployment, energy issues, and poverty, but celebrates the success of black businesses and the government’s commitment to economic progress.