Western Cape Attracts R4 Billion in Foreign Direct Investment
The Western Cape attracted foreign investment worth R4.4 billion in 2012.
Minister of Finance, Economic Development and Tourism, Alan Winde said there were 26 Foreign Direct Investment (FDI) projects in the province in 2012.
The United Nations Conference on Trade and Development released its World Investment Report yesterday, finding that global FDI was declining.
In South Africa, FDI flows dropped from R60 billion in 2011 to R46 billion in 2012.
The UN report cites "economic fragility" and "policy uncertainty" in the world's biggest economics as some of the reasons for the decline in FDI.
Minister Winde said despite the international trend, the Western Cape continued to attract a steady stream of foreign investment.
"The numbers show investor confidence for the Western Cape is positive. Although the value of the investments decreased, the number of projects increased from 22 in 2011 to 26 in 2012."
"This financial year is already off to a good start, an international firm in the renewable energy industry has invested R10 million. Its clear that the Western Cape is a sought-after investment destination," said Minister Winde.
Minister Winde said between 2009 and 2012 FDI projects resulted in 6 900 jobs.
In addition, FDI assisted in the developing of key growth areas such as ICT and innovation.
"One of the biggest investment areas in 2012 was ICT and internet infrastructure. Software publishing was also top performing sector."
"The Western Cape Government recognises the importance of developing technology and through initiatives such as investment in the broadband rollout, we are hoping to position the province at the forefront of Africa's technology revolution," said Minister Winde.