By Thandisizwe Mgudlwa
The Western Cape provinces economy is booming but needs to start creating many more jobs than it is currently doing – in an attempt to address the high unemployment rate.
A report has confirm that from 2009 to June 2012, the province attracted 80 international Foreign Direct Investment projects with a total value of R30.1 billion, creating 6906 jobs.
This is an R8 billion (27 per cent) increase in the FDI recorded in the Western Cape between 2005 and 2008.
The top source markets for FDI into the province, in terms of share in the number of projects were:
United Kingdom (15 projects), United States of America (13 projects); France (9 projects); Germany (9 projects); and The Netherlands (6 projects).
Speaking at the opening of the new ColorMatrix factory in Montague Gardens, Cape Town, Alan Winde, W Cape Provincial Minister of Finance, Economic Development and Tourism said: “The opening of the ColorMatrix factory in Cape Town follows a number of international companies such as Amazon, IBM, Harley Davidson, Altech and others that have chosen to set up shop in the Western Cape. It is clear that our Province is becoming a leading business destination for international companies. Our destination marketing, investment, and trade promotion agency, Wesgro will continue to market the Western Cape as a top trade destination.”
ColorMatrix, a subsidiary of PolyOne Corporation based in America, is a leading innovator of liquid colour and additives for plastics with facilities all over the world. The facility which has just opened in Cape Town, is their first and only one in Africa.
Minister Winde concluded: “The Western Cape has been able to continue to attract international foreign investment despite the global economic downturn. It is the residents of our Province that benefit from these investments in increased job opportunities and improved infrastructure development. The Western Cape is perfectly positioned to become the gateway for companies seeking to expand their operations into Africa. In line with the Western Cape Government’s first strategic objective – creating growth and jobs – we are doing all that we can to make it easy to do business in our region. This investment by ColorMatrix is evidence of our success in this regard.”