World Economic Forum on Africa set to boost Cape economy

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World Economic Forum on Africa set to boost Cape economy
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World Economic Forum on Africa set to boost Cape economy
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03 September 2019

Cape Town and the Western Cape warmly welcomes delegates attending World Economic Forum on Africa to the Mother City.

This conference is a major boost for the brand of the destination, and will assist in our efforts to promote tourism, trade, investment and film in Cape Town, the Western Cape and South Africa. 

Wesgro CEO, Tim Harris explains: “This major conference is set to boost the Cape economy in two ways: in direct spending by delegates attending this important international event, as well as boosting the brand of the Cape as an economic and ideas hub on the continent. This is incredibly important for our promotion efforts, as the world’s eyes will be on Cape Town.”

According to research by the Cape Town and Western Cape Convention Bureau, an international conference that attracts around 1000 delegates will have an estimated economic impact of R19 million. The WEF on Africa will therefore result in a sizable injection into the local economy.

The conference also showcases the world-class offering of Cape Town as a business tourism destination. The City of Cape Town Mayoral Committee Member for Economic Opportunities and Asset Management, James Vos added: “Delegates will get to experience the business opportunities that exist in Cape Town. This establishes our brand as the go-to-city on the African continent and beyond as a hub for trade and investment. We warmly welcome delegates to Cape Town and we are available to answer any of their investment queries during their visit.”

Wesgro collaborated with Brand South Africa in their WEF Africa Media Tour, which took place today. The briefing at Workshop 17 at the V&A Waterfront was attended by Minister in the Presidency, Jackson Mthembu, Deputy Minister in the Presidency, Thembi Siweya, Provincial Minister for Finance and Economic Opportunities, David Maynier and Acting CEO of Brand South Africa, Thulisile Manzini.

At the briefing, MEC Maynier welcomed media and said “There is an abundance of investment opportunities in a variety of sectors that we’d like you to consider across Africa, South Africa and the Western Cape. There is more to Cape Town and the Western Cape than meets the eye. We are a beautiful place to visit but also a top business destination, and an economic powerhouse on the African continent.”

Opportunities for business in the province are showcased in a bespoke publication that the City of Cape Town, the Western Cape Government and Wesgro jointly produced. The publication can be accessed here:

Some key facts that showcase the economic offering of Cape Town and the Western Cape include:

  • The Cape is Africa’s tech hub, with the Cape Town-Stellenbosch tech ecosystem employing more people than that of Lagos and Nairobi combined
  • The Western Cape is an attractive destination for Foreign Direct Investment, attracting over 299 projects in the last 10 years, exceeding more than US$7 billion. 
  • The Western Cape is the fastest growing green economy in Africa, with 70% of all South African renewable energy manufacturing taking place in the Western Cape.
  • We are the film and media capital, with over 5000 locations in Cape Town alone, and home to the world-class, custom built Cape Town Film Studios; 
  • The Western Cape is a global exporter, with total exports from the Cape to the rest of Africa amounting to over US$ 3,2 billion, and
  • We are the Business Tourism capital in Africa, with Cape Town attracting more conferences than any other African city.

During the media tour, accredited journalist will visit Hisense, a key Chinese manufacturing investment in Africa; the Cape Town Film Studios, a world class, custom built film studio; and Hazendel Wine Estate, which showcases the province’s agri-processing and tourism offering.