Wesgro raises over R1.5bn in FDI

Posted On Tuesday, 25 January 2005 02:00 Published by
Rate this item
(0 votes)
Wesgro, the Western Cape trade and investment promotion agency, last year raised R1.536 billion in foreign direct investment (FDI)

January 25, 2005

By Dirk De Vynck

Cape Town - Wesgro, the Western Cape trade and investment promotion agency, last year raised R1.536 billion in foreign direct investment (FDI), more than double its target of R700 million.

This includes new investments in the agency's priority sectors of manufacturing, resource-based industries and services, as well as expansion, facilitation and residential property investments.

The bulk of the funds came from new investments at R576 million, excluding new investments in residential property, followed by the facilitation of investments at R304 million and expansions of existing investments at R267 million.

As for new investments, the services sector attracted R449 million, manufacturing R112 million and resource-based industries R15 million.

Kwanda Modise, a senior manager for Wesgro's investment promotion, said the fact that most of the investments raised were in the services sector was in line with the global trend in direct investments.

She believed the outlook for FDI into South Africa remained positive.

The country's improved general business environment, stable macroeconomic policies, a secure political environment and progress in regional integration were among the reasons for this.

"We are receiving a lot of unsolicited interest from foreign businesses, particularly from Europe and Asia. On average, each month Wesgro facilitates between four and six inbound business delegations from China," Modise said.

Ismail Dockrat, the chief executive of Wesgro, said Wesgro was well on its way to reaching its investment target of R5 billion by 2007.

Publisher: Business Report
Source: Business Report

Most Popular

Property sales and development in Cape Town’s East City precinct healthy despite pandemic

Sep 01, 2020
Just nine months after launching to market, 63% of The Harri, a new 48-unit apartment…

Realising the potential of embattled Cape York

Sep 01, 2020
Previously owned by the Bank of Mozambique and abandoned, Cape York had been hijacked and…

Minister de Lille applauds Women in Construction at 2020 ERWIC Awards

Aug 31, 2020
Patricia De Lille
“Women in SA need to be given the opportunity to participate meaningfully, including in…

Business parks thrive as industrial tenants seek value

Sep 10, 2020
Rael Levitt
Business parks are coming into their own as a viable asset class in commercial real…

Creativity on the march across retail landscape

Sep 14, 2020
Belinda Clur MD
Creativity is on the march across the retail landscape as sector players get to grips…

Please publish modules in offcanvas position.