Cape Town, a bustling city in South Africa, has experienced a recent surge in economic growth that has led to the creation of 263,000 new jobs in the past year. According to a quarterly labor survey by StatsSA, 56,000 of those jobs were added in the most recent quarter alone, resulting in a 7% yearonyear decrease in the city’s unemployment rate.
The City of Cape Town (CoCT) is exploring the potential of private sector participation in the Port of Cape Town following Durban Port’s partial privatization. The announcement of partial ownership and operation of Durban’s port by the Philippinesbased International Container Terminal Services is a first for South Africa’s stateowned ports and rail company, Transnet.
The Western Cape government is committed to making the province the most businessfriendly in South Africa. In line with this goal, the government has recently launched the Municipal Red Tape Reduction Challenge Fund for the 2023/24 fiscal year. Spearheaded by Mireille Wenger, the Western Cape MEC for Finance and Economic Opportunities, the fund aims to remove barriers to business operations and streamline processes, thus fostering economic growth and creating additional jobs.
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.
Minister of Finance Enoch Godongwana recently launched the Spatial Economic Activity Data – South Africa (SEADSA) programme, a significant initiative aimed at enhancing the understanding of the spatial distribution and characteristics of economic activities in the country. ### The Need for SEADSA
The Department of Employment and Labour is set to host a Youth Month Career Exhibition in Mkhondo on June 19th. The event is aimed at empowering young people economically and creating a sustainable future for them. ### Joint Effort for Accelerating Youth Economic Emancipation
Dr. Ivan Meyer, Western Cape Provincial Minister of Agriculture, addressed the Olynfenboschkraal Farmers’ Association in Citrusdal, outlining his priorities and concerns for the region’s agricultural sector. The Western Cape Government has emphasized research, education, farmer support, rural safety, market access, and climate crisis management, aligning with their focus on jobs, safety, dignity, and wellbeing.
Deputy President Paul Mashatile recently delivered a keynote address at the 2023 Batseta Winter Conference, emphasizing the importance of collaboration between the government and the private sector in driving sustainable and inclusive socioeconomic growth in South Africa. ### The Need for Collaboration
The City of Cape Town has recently approved a zero percent increase on Informal Trading Permits for the 2023/2024 financial year. This decision is a significant move towards supporting informal traders in the city and fostering job creation and economic growth.
South Africa is facing unprecedented challenges, but a spirit of collaboration and unity between the government and organized businesses is helping to overcome obstacles and mobilize resources. This partnership is aimed at fostering inclusive economic growth and job creation across the country.
The South African government and organized business have joined forces to address critical economic challenges and promote inclusive growth and job creation. This groundbreaking collaboration involves the CEOs of the country’s largest companies, who are committed to pooling their skills and resources to tackle key priorities.
Western Cape’s R5 Million Export Booster Fund: A Major Step Towards Economic Growth and Job Creation
The Western Cape Government’s Department of Economic Development and Tourism has launched the Export Competitiveness Enhancement Programme (ECEP) to support businesses working towards export readiness and expand their presence in international markets. This move aims to boost economic growth and create employment opportunities, which aligns with the provincial Growth for Jobs Strategy.
The Eastern Cape Department of Public Works and Infrastructure (DPWI) has announced its transformative infrastructure development agenda, aimed at fostering hope and resilience amid socioeconomic challenges. With a budget of R2.5 billion for the 2023/24 financial year, the DPWI intends to become a ‘nerve centre’ for infrastructure development, delivery, coordination, and investment in the Eastern Cape.
The City of Cape Town has recently approved an extensive budget for the 2023/24 financial year to promote economic growth and improve living conditions. The city has allocated almost R200 million for various programs, including supporting work seekers, entrepreneurs, small businesses, and highgrowth sectors. An additional R100 million has also been earmarked for capital works focused on the city’s strategic economic assets and informal trading infrastructure.
In October 2020, President Ramaphosa launched Operation Vulindlela to accelerate the implementation of 35 priority reforms that would impact economic growth and job creation. This initiative has played a crucial role in driving necessary structural reforms across key sectors such as energy, logistics, digital communication, water, and visas.
A cityfunded programme in Cape Town is assisting small and mediumsized enterprises (SMEs) in the clothing and textile sector. Aimed at training businesses to unlock procurement opportunities and establish lasting supply relationships, the initiative is already on track to sign new contracts with large retailers.