Western Cape overview
Western Cape: a hub for economic growth When people think of the Western Cape, they immediately think of Cape Town – the Mother City. But the province has so much more to offer. At the end of 2019, Wesgro, the official tourism, trade and investment promotion agency for Cape Town and the Western Cape, launched its first research report into the area. Thanks largely to the information contained in that report, we have compiled the following highlights in an overview of the region Extracts from Wesgro: The Western Cape Property Report 2018/19 For the full range of research and documentation produced by Wesgro, and for more information about the organisation, visit wesgro.co.za
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irst, our thanks must go to Tim Harris, Chief Executive Officer at Wesgro, for giving us the green light us to republish elements of the report. Second, at the launch of the report, prominent Mayco members expressed their backing for the drive to promote Cape Town and the Western Cape as a region where things get done – a region to invest in. “It is in everyone’s interest that we successfully promote the city and the whole region as a competitive business and leisure destination globally,” said Harris. “We do this by attracting and retaining foreign direct investment, landing film and media productions, growing exports, and ensuring more business and leisure tourists visit our province. We do this by facilitating important dialogue between the private and public sector in our region and beyond.” “We also look to align the Western Cape with national priorities in terms of economic growth, trade and investment promotion initiatives, and facilitate the links between business and government decision-makers. To this end, we are often the first port of call for foreign buyers, local exporters and all investors looking towards the ever-growing potential of our region.” “The growth of the Western Cape economy and the WESGRO
THE WESTERN CAPE PROPERTY REPORT 2018/19
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SOUTH AFRICAN PROPERTY REVIEW – FEBRUARY/MARCH 2020
all-important creation of more jobs is the engine that drives the work of the Western Cape Government,” added David Maynier, the MEC for Finance and Economic Opportunities in the Western Cape. “But that engine requires a physical space; a place to set up shop and to provide offices and factory space; a space on which to build homes for its employees. This physical space is property, and it is often the foundation, quite literally, on which investment is built.” “To help current and future investors make key decisions around the various markets and sectors in our region, we first need to fully understand the research and data on the region,” said Harris. “We believe these markets and sectors have a common denominator in the value of property – the fixed capital asset that the lion’s share of investors will require to make their investment visions a reality, whether that asset falls into commercial, retail, industrial or residential property. “Wesgro believes that property is a key driver of investment in any region, and often the first
