Economic Growth budget building an Economy of Hope and Confidence 

STATEMENT BY ALDERMAN JAMES VOS, MAYORAL COMMITTEE MEMBER FOR ECONOMIC GROWTH 

I’m proud to share that Council has approved the R713 million Economic Growth budget. This is a budget that plots a roadmap for bolstering Cape Town’s small businesses and industries, and increasing Capetonians’ access to opportunities. It demonstrates our deep desire to get the basics right and build on our economic manifesto.

It includes:

• R53 million allocated over the next three years for the continued development of Cape Town’s informal economy space. Of this, R19 million is earmarked for projects within the next financial year. This includes the expansion and improvement of Council’s e-permitting system and a capital expenditure pipeline of projects to provide smarter, more dignified and accessible trading spaces. This comprises infrastructure upgrades to Uluntu plaza in Blackheath, business hives in Atlantis and detailed design of the Wallacedene Container market. Where possible, we will look at making trading places Wi-Fi-enabled.
• R55 million is allocated to our Jobs Connect and Cape Employment Accelerator programmes focusing on work placement and skills, especially for young people.
• Our City government approach to the economy is both broad and sectoral because we understand that Cape Town is made up of diverse industries that offer a range of job and investment opportunities. This is why we will continue to support programmes under our growth coalitions’ narrative. Our main focus areas will include green technology, aviation and export promotion. As such, R424 million is set aside for investment promotion, and R181 million for direct economic incentives to attract jobs and investors to Cape Town.

This budget speaks to our aim to make life easier for businesses while adding to the foundation for job creation that so many across Cape Town need. This is a budget that will give rise to an economy of hope and confidence.