Regions

Western Cape defies South Africa's falling trend

Close
June 28
7:58 AM 2013

The management of Western Cape announced today that has successfully attracted foreign investment worth R4.4 billion last year, despite the decrease of direct investment flows to South Africa.

Foreign direct investment flows towards the African nation plummeted 24% from 2001 until 2013, according to the United Nations Conference on Trade and Development. South Africa posted a tremendous decline from R60 billion in 2011 to R46 billion last year, according to the UNCTAD World Investment Report released recently.

Western Cape's finance, tourism and economic development chief Alan Winde said today that their management was involved with 26 foreign direct investment projects, and that the projects created an estimate of 6,900 jobs.

"The numbers show investor confidence for the Western Cape is positive. Although the value of the investments decreased, the number of projects increased from 22 in 2011 to 26 in 2012," said Winde.

"This financial year is already off to a good start; an international firm in the renewable energy industry has invested R10m. It's clear the Western Cape is a sought-after investment destination," he added.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics