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Wesgro meets investors, identifies new sectors for growth

The national growth rate has slowed as the South Africa's in a technical recession, but the Western Cape's economy is outperforming the country's.

Picture: Pixabay.com.

CAPE TOWN - Western Cape investment agency Wesgro has identified emerging sectors such as renewable energy and tech start-ups as key drivers of economic growth.

The national growth rate has slowed as the South Africa's in a technical recession, but the Western Cape's economy is outperforming the country's.

Wesgro CEO Tim Harris, Cape Town Mayor Patricia de Lille and Economic Opportunities MEC Alan Winde held talks with investors this week to convinced them about opportunities in the province.

Harris believes the meetings were successful.

“We essentially drove a message that says ‘sure there is a question about investor confidence in South Africa right now, but actually what’s happening in the Western Cape is a way of restoring and maintaining confidence in our country by showing what’s possible right here in our region’.”

Harris says new sectors are key to growth.

“Like renewable energy, like business process outsourcing and call centres, like what’s happening in tech entrepreneurship. Those sectors they’re new, and they’re forming here first. We have more companies headquartering out of Cape Town in those spaces than sometimes the rest of African continent.”

(Edited by Zinhle Nkosi)