Cape Town Attracts R3 Billion in New Investments in 2022/23 FY Alone!

25 June 2023

In a remarkable announcement made to the Standing Committee on Finance, Economic Opportunities, and Tourism on Friday, the City of Cape Town revealed that it has successfully secured an impressive R3 billion in new investments during the 2022/2023 financial year.

Since 2016, the City's Enterprise and Investment Department has been diligently engaging with 602 companies, resulting in a phenomenal total investment of over R33 billion. These investments have not only stimulated the economy but have also led to the creation of more than 1500 direct jobs.

Cape Town, a renowned must-visit international destination, thrives on the immense economic activity and employment generated by tourism. It is with great enthusiasm that I acknowledge Mayoral Committee Member, Alderman James Vos’s commitment to ensuring a tourism-related job in every household.

Further figures related to the recovery and growth of the tourism sector include:

- Cape Town International Airport (CTIA) experienced an outstanding 96% two-way passenger recovery in December 2022 compared to pre-pandemic levels.

- In 2022, Cape Town Air Access successfully secured 4 new routes and 3 new airlines, resulting in an impressive R430 million in direct tourism spending from November 2022 to March 2023.

- CTIA currently accommodates 21 airlines, serving 27 destinations and offering 199 flights per week.

- Cruise Cape Town has confirmed the arrival of 75 passenger ships in Cape Town from November 2022 to May 2023, with an estimated 500,000 passengers embarking or disembarking during this season.

- The City has secured 29 convention bids for the 2022/23 to 2024/25 financial years, with more than 20,000 delegates expected to arrive, contributing a significant economic impact of R393 million.

Additionally, the City has been in discussions with the Department of Home Affairs, advocating for the introduction of a remote working visa, which will undoubtedly elevate tourism in Cape Town to new heights. We are delighted to share that the Department of Home Affairs has committed to finalising the remote working visa by the end of this month. We have also written to them requesting an update and are eagerly anticipating a positive outcome.

The DA in the Western Cape commends the City of Cape Town for its innovative approach to investment and tourism promotion. By leveraging specialised entities with a clear and focused mandate, we have witnessed an extraordinary return on investment that will undoubtedly benefit the residents of this province.

Issued by Cayla Murray, DA Western Cape Spokesperson on Finance, Economic Opportunities and Tourism, 25 June 2023