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SPECIAL FEATURE annual review for 2017/18, Wesgro reported that the Western Cape will receive at least R10.2-billion into the regional economy over five years. Wesgro’s units reported some highlights: • International Trade Promotion Unit: 53 business agreements valued at R2.8-billion over five years. • Investment Promotion Unit: Investments valued at R2.2-billion, including a major investment from manufacturer Pegas Nonwovens. • Agribusiness Investment Unit: Six investments worth R756-million. Pizza Hut has invested R300-million. • Film and Media Promotion Unit: In 2017/18, productions worth R1.9-billion were secured. • Cape Town and Western Cape Convention Bureau: 33 bids with a projected economic impact of R453-million were secured. • Cape Town Air Access: In three years, an additional 750 000 inbound seats have been secured on direct flights to Cape Town. This is a partnership with the City of Cape Town, the Western Cape Provincial Government, South African Tourism, Cape Town Tourism, Airports Company South Africa and private companies. Wesgro’s efforts have not been limited to the Cape Metropole. Investor conferences have been held in the Cape Winelands, the West Coast and the Garden Route to highlight the opportunities of each region. At the Garden Route conference, Wesgro CEO Tim Harris noted that between 2006 and 2015 the region’s economy grew at an average rate of 4.8% and exports grew by 45%. The hotel and golf courses on the estate at Fancourt, pictured on the first page of this article, are among the top attractions of George and the Garden Route.

Regional economy Finance, business services and real estate combined contribute 28% to the gross domestic product (GDP) of the Western Cape. The financial services and insurance sector are key components of the economy. Many of South Africa’s biggest companies have their headquarters in Cape Town. Asset management and venture capital companies have been growing steadily. Although agriculture only accounts for 4.3% of

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SOME EXPORT FACTS Malaysia mostly imports apples, pears and quinces. In 20 15, these fruits alone earned $51.1-million, citrus fruit $18.5-million and grapes $10.7-million. Singapore’s top product from the Western Cape in 20 16 was refined petroleum oils and oils obtained from bituminous minerals at a value of $14.3-million, followed by apples, pears and quinces at $13.1-million. A trade mission involving 15 Western Cape companies to Ethiopia in 2017 secured R200-million in export deals. Ethiopian Airlines has increased its flights to Cape Town to 10 times per week.

GDP on its own, the sector is responsible for the fruit and vegetables that contribute to agriprocessing which accounts for nearly 40% of the province’s export basket. (Agri-processing accounts for 8.1% of GDP.) Citrus, wine, apples and pears, grapes, fruit juice, fruit and nuts and tobacco all appear in the top 10 of the province’s exports. Seventy percent of South Africa’s beverage exports come from the Western Cape. Grapes and wine sales to Europe remain very strong but the Chinese market is becoming increasingly important. Refined petroleum was the single biggest earner for the Western Cape in 2015, with exports valued at R18.2-billion (Wesgro). The province has a diverse manufacturing sector ranging from textiles, clothing, footwear WESTERN CAPE BUSINESS 2019

Western Cape Business 2019  

A unique guide to business, investment and tourism in the Western Cape. The 2019 edition of Western Cape Business is the 12th issue of this...

Western Cape Business 2019  

A unique guide to business, investment and tourism in the Western Cape. The 2019 edition of Western Cape Business is the 12th issue of this...

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