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Five year economic strategy for Cape Town

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Five year economic strategy for Cape Town

by Bathandwa Mbola
16 Apr 2008
BuaNews Online
BuaNews Online

In an effort to stimulate economic growth and development for its 3.3million residents, the City of Cape Town has published a five-year plan.

The strategy forms part of the city's Integrated Development Plan (IDP) which is now open for public comment until April 30.

"Spatially, the extent of the city has doubled in the past 20 years - and we need to plan ahead in order to sustain a healthy and growing economy that benefits all the people of Cape Town," said Mayoral Committee Member for Economic, Social Development and Tourism Simon Grindrod.

According to the five year plan, Cape Town currently generates about 78 percent of the Gross Geographic Product (GGP) of the Western Cape and 12 percent to the county.

Due to the newfound economic and service delivery buoyancy in the tourism construction, conference and cultural hub sectors the city has also experienced increased development challenges.

According to Mr Grindrod, there is a pressing need to create productive employment opportunities but the city can only achieve growth if it is globally competitive.

"City government can improve the business environment by sharing information with local businesses, reducing the cost of doing business and enhancing safety and security, especially in areas in which development is needed," he said adding that the economic development will be driven by accelerated investment in infrastructure.

This he said will be initially through addressing capacity backlogs and maintenance.

"The 2010 FIFA World Cup has already proved a catalyst for public transport investment with an estimated R10 billion to be spent on the stadium, airport, road and rail facilities and services.

Key economic sectors such as Information Communication and Technology, boat building, ship repairs and Business Process Outsourcing will also be stimulated through specific programmes.

Other city initiatives include plans to attract R1 billion worth of investment in conjunction with Wesgro, and to support Special Purpose Vehicles that could mobilise R800 million worth of joint ventures with the public and private sector.

A one stop development facilitation unit will be established to assist developers - and a red tape review programme to speed up the processing of building plans and land use applications within the statutory time frames.

"Public input is crucial for the finalisation of the IDP which commits the city to meeting specific targets over the next five years.

"This is an ideal opportunity for Capetonians to get involved in planning for Cape Town's future," city's IDP Director, Dr Martin van der Merwe said.

IDP documents can be viewed at the Cape Town Civic Centre, and at all city libraries and sub-council offices.

Written submissions can be posted to the City Manager at Private Bag X9181, Cape Town 8000 or by fax to (021) 400-1332.

For details, contact the IDP Office at Tel: 0860 103 089 or Fax: (021) 400-5915 / 5881 or e-mail - BuaNews

Compiled by the Government Communication and Information System

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