Formula E - Electrifying economic impact estimated at R2.13 billion
15 February 2023
On Saturday, 25 February 2023, Cape Town will host Formula E, officially the ABB FIA Formula E Championship, the world's first fully electric street racing series, bringing with it the latest innovations in electric vehicle and alternative energy solutions.
Cape Town and Western Cape continually demonstrate that they are destinations of choice where public and private sectors collaborate to deliver successful major events which have a direct impact on the local economy and related industry sectors.
Speaking on the impressive expected economic impact, Minister for Finance and economic Opportunities, Mireille Wenger, said: “The demand for a green, more resilient future has never been greater, for the world and for South Africa. The R2.13 billion in direct and indirect economic impact generated by this event in the first year, including R481 million in global destination exposure, is very welcome, especially in these challenging times. The benefits of this event, and many like it, go beyond a once off economic boost. The Formula E will be hosted in Cape Town for the next 10 years and will also provide a perfect platform to boost sport tourism to the province.”
In addition, the staging of the event will provide a catalyst for the Western Cape Green Economy and provide a platform for global, African, and local green economy players to meet on an annual basis to identify opportunities to support business and drive job creation.