The City of Cape Town has announced that its Strategic Business Partners (SBPs) have secured R8.8 billion worth of investment within the last six months. In addition, the initiative has created 4 980 jobs and trained 1 366 people between April and September 2020.
Due to Covid-19, SBPs adapted their plans and supported local businesses who were hit the hardest financially, during the pandemic.
James Vos, the City of Cape Town’s mayoral committee member for Economic Opportunities and Asset Management, explains that the funding received from the City to SBPs validates that the economy is ready for recovery, growth, and development.
“A key component of the Economic Action Plan (EAP) was to ensure that our SBPs pivoted their plans and used the funding from the City to support businesses through these difficult times. The Economic Action Plan was developed by the Economic Task Team, which I set up to respond to the impact of the lockdown on our economy. The City provides funding to SBPs and these impressive figures are a great return on investment for residents. It proves that by implementing targeted and proven strategies, we can get back to business.”
Strategic Business Partners
The City’s SBPs are the Craft and Design Institute, Cape Town Fashion Council, Cape Clothing and Textile Cluster, the Cape IT Initiative, Wesgro, CapeBPO, Clotex, Cape Town Tourism, Blue Cape, and GreenCape.
These partners are associated with industries that have high growth potential.
Vos explains that the EAP has proven successful in accelerating economic recovery.
“What has become clear is that the EAP is the best chance for economic readiness and recovery because it is working. Cape Town has a very strong investment ecosystem precisely because our SBPs attract investors. The Investment Facilitation Unit, within the City’s Enterprise and Investment Department, makes sure that they have a smooth landing in the City.”
The EAP ensures that businesses can adapt to new ways of operating and recognise possible opportunities emerging from Covid-19. By using the City’s sectoral support approach businesses will expand and attract investment.
The priority for the City of Cape Town remains job creation. Attracting investments, applying targeted strategies, along with the success of the City’s SBP brings hope for economic recovery and for the City to emerge stronger.