R4 billion in trade deals secured for Cape Town and the Western Cape in 2018/19 financial year to date

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R4 billion in trade deals secured for Cape Town and the Western Cape in 2018/19 financial year to date
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R4 billion in trade deals secured for Cape Town and the Western Cape in 2018/19 financial year to date
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22 January 2019

A total of 16 global export business agreements amounting to an estimated R338 million in export value has been secured by Cape companies in Quarter 3 of the 2018/19 financial year.

Altogether, these export business agreements will assist in facilitating 203 new local jobs. This brings the total value of export business agreements signed to R4 billion, which will help create 783 jobs over the next five years. This was done with the assistance of Wesgro's International Trade team, which is mandated to grow the value of exports from Cape Town and the Western Cape.

In addition to this, the unit signed one Outward Foreign Direct Investment (OFDI) business agreement into the rest of Africa (Kenya) in Quarter 3. The total estimated OFDI value is R800 000 and will create 3 new local jobs.This brings the total OFDI secured for the province to R361 million in the financial year to date, which will help create 218 jobs over the next five years.

Some of the key highlights for the unit in Q3 include hosting of the inaugural Africa Halal Week which took place from 15-17th October 2018, supporting Cape Town’s first and biggest gaming festival of its kind – Africa Games Week 2018 and participating in Angola Restaurant Week in collaboration with Distell and Wines of South Africa (WOSA), to boost wine tourism in the Western Cape.

During Angola Restaurant Week, the trade team used the opportunity to launch a joint campaign with Wesgro’s Tourism Unit called 'Life Tastes Better in Cape Town’. The campaign's dual purpose was to promote Cape Town as a preferred tourist destination, while also highlighting the province’s premium wine offering in this key market.

Furthermore, the unit led 8 outward selling missions to various markets, with 60 local companies participating. France, Sweden, China, USA (2), Kenya, Rwanda and Angola were targeted in these missions.

“We are most impressed with the results to date, with the unit en-route to exceed targets set out in the 2017/18 Financial Year,” said Wesgro CEO Tim Harris.

“We are particularly pleased with the outcome of the inaugural Africa Halal week where the unit hosted 25 international guests, out of which 20 were international buyers of Halal products, with over 700 delegates that registered to attend. The event generated over R3 million in Advertising Value Equivalent (AVE). We are looking forward to hosting Africa Halal Week 2019 in October and certainly want to increase the number of exhibitors and buyers, thereby boosting the province's offering as a Halal-friendly destination,” added Harris.

Minister Beverly Schäfer commended the team on their stellar performance by saying: “As a result of the trade team’s work, we will be able to create opportunities for 206 people in the province, and grow our economy through increased export opportunities. I am also pleased to see that the majority of the agreements have been in the agro-processing sector which is one of our key focus areas under Project Khulisa.”

Executive Mayor, Dan Plato, stated: “The City of Cape Town has realised the importance of investing in resources to prioritise the creation of an enabling environment for business to flourish, as this means our communities benefit from the many job opportunities that are created. Today’s results are further confirmation that Cape Town is the place to do business, with investors seeing the benefit of working in our beautiful city.”

Alderman James Vos concluded: “It is promising to see how a key sector in our City’s economic landscape is contributing significantly to creating more much needed jobs in our Province. The results of the Trade team further endorses that Cape Town and the Western Cape provides enabling environment for job creation. My new portfolio has the potential to ensure that we continue to be the go-to city on the African continent and globally, for business, trade and tourism.”

Wesgro is Cape Town and the Western Cape's official Tourism, Trade and  Investment Promotion Agency, and receives its mandate and funding from the  Western Cape Government's Department of Economic Development and Tourism and  the City of Cape Town.

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