Global tech giant Google declares R2.2bn investment into Cape Town & the Western Cape at presidential investment summit

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Global tech giant Google declares R2.2bn investment into Cape Town & the Western Cape at presidential investment summit
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Global tech giant Google declares R2.2bn investment into Cape Town & the Western Cape at presidential investment summit
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24 November 2020

Last week’s presidential investment summit saw the announcement of five substantial investments into Cape Town and Western Cape, with large corporates including Google (R2.2bn), Amdec (R2bn), Capita (R500m), Lactalis (R100m) and Teraco (R4.4bn into South Africa with R3bn invested into the Cape) collectively committing R7.8 billion into the Province.

Wesgro's Investment Promotion Unit, assisted by the InvestSA One Stop Shop, facilitated the Amdec and Teraco deals, with CapeBPO (formerly known as BPeSA) facilitating the Capita investment.

The investments bode well for local and international investor confidence, further positioning the Cape as a place with an abundance of investment opportunities.

Acknowledging the calibre of the investors, Salman Kajie, head of the InvestSA One Stop Shop Western Cape, explained that the corporates who have declared these investments are pioneers in their fields and are not distracted by short-term factors.

Kajie went on to explain, “despite economic headwinds, political uncertainty and a national state of disaster caused by the global pandemic, these investors have evaluated and understand the long-term gains realised by investing in our province. Furthermore, by putting down roots in Cape Town and the Western Cape, they see the opportunities to capitalise on growth on the wider African continent.”

“Not only do these investments boost our local economy, but they will go contribute to much-needed job creation in the Western Cape,” commented Minister of Finance and Economic Opportunities, David Maynier. “Maintaining our position as a leading investment destination, retaining investor confidence and attracting new investments remain key as we rebuild our economy following a challenging year. These declarations are compelling proof to the local and global investment market that we are open for business!”

Alderman James Vos, Mayoral Committee Member for Economic Opportunities and Asset Management, said: “Boasting world-class infrastructure, sound governance, a skilled workforce, coupled with political will - the Mother City offers investors a plethora of investment opportunities in thriving industries like Agri-business, Manufacturing, Tech, Creative Industries, Real Estate, Maritime Manufacturing, Business Process Outsourcing to name but a few. The City of Cape Town is ready to partner with the public & private sector to help attract & land investments that will drive demand & make sense.”

Wegro CEO, Tim Harris, concluded: “It is very encouraging to see that big corporate players from three of our key source markets (UK, USA and France) are realising the abundance of opportunities on offer in Cape Town and the Western Cape. South Africa’s agriculture sector had a solid start to the year with first-quarter gross value‑added growing by 28% quarter-on-quarter. Similarly, our BPO sector is recognised as a leading offshore destination – offering world class skills at an affordable price. The fact that global tech giants such as Google are looking to make a considerable investment in the province, further solidifies our position as Africa's Tech Capital. We welcome these investments and the confidence boost it provides.”