More than R550-million was attracted into Cape Town’s economy and 520 new jobs created during the first quarter of this year, according to a recent quarterly report.

The report on the performance of Wesgro, the official tourism, trade and investment promotion agency for Cape Town and the Western Cape, and the City of Cape Town’s special purpose vehicles (SPVs), also revealed that over 400 Cape Town residents have benefited from skills development opportunities offered by the SPVs between January and March.

Mayoral committee member for economic opportunities and asset management, James Vos said the City’s enterprise and investment department provides funding to SPVs such as GreenCape, Business Process Enabling South Africa (BPeSA) and Wesgro which is directed towards stimulating key sectors of the city’s economy.

“The business process outsourcing, renewable energy, technology, medical waste, and real estate sectors saw the most notable benefits from these efforts as reflected in the latest quarterly report,” said Vos in a statement.

The funding has contributed to the creation of a positive enabling environment to do business, for skills development and for the promotion of Cape Town as a trade and investment destination.

“I am particularly proud of the work being done by BPeSA Western Cape. This organisation facilitated over R83.2-million of the total investment, leading to 347 new job opportunities being created in Cape Town for the same period. Since the beginning of the 2018/19 financial year this SPV has performed remarkably well in facilitating over R500-million worth of investment which has contributed to the creation of 2 398 jobs,” Vos added.

He said that other priority sectors, defined as such due to their potential to grow the City’s economy and to contribute to job creation, include information communication and technology, business process outsourcing and off-shoring, the green economy, craft and design, clothing and textiles, fashion, and the sectors promoted by Wesgro.

“Overall, I am very pleased with the work that is underway to cement the City’s reputation as one of the go-to destinations on the continent for investment and economic growth, and hope to build on this during my term of office,” Vos said.