According to the recently released Quarterly Labour Force Survey, Cape Town still has the lowest expanded unemployment rate of all metros at 24.8%. There are also 4 000 more people employed in Cape Town compared to the previous year.
The positive trajectory since the first quarter of 2019, with two consecutive quarters of employment growth and an increase of 19 000 jobs between quarter two and three was good progress. However, there is more work to be done and services that facilitate economic growth and job creation are needed now more than ever. We work hard to create an enabling business environment in Cape Town. I am particularly proud of the work to assist entrepreneurs and those looking to start their own business because SMMEs are essential for any growing economy
The announcement of the Virgin Atlantic direct flight from London to Cape Town is yet another good indicator of how the work done by the city and its partners is delivering positive outcomes for the residents of Cape Town, said Executive Mayor, Alderman Dan Plato.
Our economic landscape is favourable because we support the high-growth sectors that will drive demand and make business sense.
My objective, together with the department of Enterprise and Investment, is to be the Citys growth portfolio. This means that we focus our energy on attracting investment which creates jobs and leads to economic growth.
The sectors that are poised for impressive expansion are Business Process Outsourcing (BPO), Tech, Sea and Sky economies including aviation and marine manufacturing, food and beverages sector, and the tourism and hospitality sector, said the Citys Mayoral Committee Member for Economic Opportunities and Asset Management, Alderman James Vos.
To ensure we attract, retain and grow business in Cape Town, the City offers:
Investment facilitations services to help navigate municipal processes and clear bottlenecks
Start-up, retention and expansion services for SMMEs through The Business Hub where we help people set up or improve their business;
Incentives to attract investment in key areas with developmental needs; and
Investment in skills and training for the high growth sectors so that companies wishing to set up in Cape Town have access to the skills they need to grow.
The wider national economic constraints, chief among them the rolling electricity black-outs, have had a negative impact especially on small businesses.
Therefore, we are pleased to be working with all role players, such as GreenCape, to find ways to reduce the burden created by load-shedding and will continue to seek more ways to help business grow in the city. For example, in specific instances, the City allows for curtailments for businesses. This means that we may exempt a business from the blackouts if there is a strong case to do so, such as to save jobs. This is a tangible way we are working to help businesses deal with the impact of the black outs, said Alderman Vos.
The City will continue to find ways to make it easier to do business and to attract investment that leads to job creation.
Despite the grim national employment statistics, we have shown that through targeted interventions and support, we can create the right conditions for job creation and a more prosperous Cape Town, added Alderman Vos.
Source: City Of Cape Town