The Western Cape Department of Economic Development and Tourism, through its entity Wesgro, has secured R4.1 billion in committed investment into the province in the last financial year - resulting in the creation of 1 507 jobs. In addition, 83 trade agreements to the value of R3.1 billion were negotiated by Wesgro, adding another 906 direct jobs. Freeport Saldanha also landed nearly R230 million in infrastructure funding for the year, creating 1 875 jobs, putting the total direct jobs facilitated through investment and trade at 4 288.

As sufficient investment is a necessary condition for strong economic growth, it is outstanding to see that Atlantis Special Economic Zone also landed almost R 103 million in infrastructure funding. These investments will pay even bigger dividends in the future, as our Special Economic Zones come to their full potential.

This was revealed during the tabling of the Department’s Annual Report for 2022/23 in the Provincial Parliament today. Jobs are a source of dignity, and these jobs will directly help to put food on the table for 4 288 households, something that remains a challenge across the country. Every job created adds extra spending power in the economy, which then increases economic activity across multiple other sectors. This multiplier effect means that the impact of these jobs is far greater than just the direct jobs created.

While job-creation remains the best way to address poverty, the cost-of-living crisis is compounding the effects of high unemployment across the country. To provide some relief, the DA is held a cost-of-living crisis protest at the National Minister of Finance’s office today, calling on for the broadening the zero-VAT rated food basket to encompass essentials such as bone-in chicken, beef, tinned beans, wheat flour, margarine, peanut butter, baby food, tea, coffee, and soup powder.

The Western Cape is perfectly poised to build even more momentum, as the Growth for Jobs Strategy comes into full effect. This strategy sees the government as an enabler of economic growth, laying the groundwork for businesses to create jobs, and will propel the province to a R1 trillion economy that is growing by 4-6% by 2035.

The DA has always prioritised job-creation, as our people deserve every opportunity to provide for themselves and their loved ones. The Western Cape under the DA has become a very attractive investment destination, and I look forward to seeing our jobs numbers rise even further in the coming years.

 

Issued by Cayla Murray, MPP - DA Western Cape Spokesperson on Finance, Economic Opportunities and Tourism