The Department has priorities that will make it possible to achieve the impact of growing employment. The enablers are:
- Improve productivity and competitiveness
- Municipal support and SMME development
- Economic intelligence and data analytics
- Economic advocacy and legislative mandate
In order to grow the economy it is important to create a competitive advantage in certain sectors and industries. This can be achieved by improving productivity and competitiveness, which can be informed by economic intelligence and data analytics. Growing the economy will require a sound understanding of existing and new markets relating to the current export commodities which the Western Cape can produce in key sectors. Productivity and competitiveness will also be enhanced through support to Small, Medium and Micro Enterprises (SMMEs).
Investment is sensitive to perceptions and consequently economic advocacy, utilising economic intelligence and data analytics are important in order to promote business and consumer confidence. Investment is also a key component of an export growth strategy due to the increased need for production activity which will result in numerous capital requirements depending on the activities in the various sectors and industries.
For the Province to continue to maintain and advance good governance and to create jobs and grow the economy, the Province needs to support municipalities in order to ensure spatial economic development. This will include the adoption of an inclusive economic development approach. Inclusive spatial economic development requires the Province to have a clear economic outlook and support municipal economies. It will also entail infrastructure management, buffering against climate change and ensuring water security, and improving waste management.
Economic advocacy plays a key role in forging partnerships with local, national and international players, which influences the growth of the regional economy and employment. This approach appreciates that every institution within the Western Cape has a role and mandate, and within these respective mandates and roles, these institutions can positively contribute towards economic perceptions of the Western Cape. Effective economic advocacy requires that the messaging and value proposition of economic opportunities in the Western Cape need to be collated and coordinated in a coherent and on-going basis.
Support to SMMEs will make it easier for enterprises from the smallest township SMMEs to the largest foreign investors to do business.