Cape Town grows dynamically
CAPE TOWN, WESTERN CAPE PROVINCE
Cape Town central business district (CBD) provides investors with excellent business infrastructure, especially in terms of communications networks, access to research and tertiary education institutions and a wide range of financial and business support services. Intercontinental fiber-optic link-ups are provided in the main business nodes. Cape Town CBD continues to grow dynamically in contrast with trends in other maturing metropolitan regions. Commercial property trends have displayed a declining inclination in the availability of vacant premises in the city centre for the past three years.
The economic growth patterns in the municipal area are centered on a number of clusters. Apparent clusters relate to the tourism and conference industry and shipping, ship repairs and boat building. An important trend reinforcing Cape Town's international status is the location of the corporate headquarters of national and multi-national
firms in the city. Other growing industries include high-quality clothing sector and film, video and television productions.
The Port of Cape Town plays a significant role in the local and regional economy and a wide range of services and industries are associated with harbour activities. It handled more than 13 million tons of cargo in 1997 and has an annual turnover of approximately R 700 million. Even more significant is that the resultant movement of goods, based on declared customs values, is estimated to be in excess of R20 billion. In order to increase the port's capacity and streamline operations a number of expansion plans are in the pipeline.
Key investment opportunities include:
Wetton-Lansdowne Corridor Project: Through public investment in the promotion of services, infrastructure, roads, public transport facilities, markets and civic amenities, as well as active support for private sector investments, this "Presidential Project" is intended to
stimulate job creation and economic development in an area of great potential.
Convention Centre: The Cape Town Municipality has done extensive work over the past two years preparing a project brief for the design and construction of an international standard conference centre. The conference centre is linked to the issuing of casino licenses in that the successful applicant for the metropolitan casino will contribute towards the construction of the conference facility.
Victoria and Alfred Waterfront Development Framework:For almost a decade, the Victoria & Alfred Waterfront developments have annually captured sizeable new investments. The completion of the Victoria Wharf shopping mall extension and the R75 million five-star Cape Grace Hotel were the highlights of 1996, whereas the completion of Sun International's 350-bed, five-star Table View Hotel was the main attraction of 1997. Expansions at Granger Bay and the start of residential developments assure a
continued stream of further investments.
Table Mountain Cable Way: Long one of South Africa's major attractions, the Table Mountain Cable Way has recently undergone a R100 million upgrade that increases its capacity by 300%. The establishment of a strong environmental management programme that was guided by the newly established Cape Peninsula Table Mountain National Park accompanied this.
Philippi East: Being close to the airport and major transport routes, this area is ideally located for business developments. Philippi is also the planned eastern node of the Wetton-Lansdowne Corridor project and is therefore earmarked for major infrastructure and related investments. Plans exist to expand industrial development in the established Philippi industrial area and to develop a large (regional) fresh produce and open-market facility near the R300 highway. The Philippi-Khayelitsha railway line and an additional station at the Stock Road precinct are taking shape and
should soon lead to private investor interest, especially since full tax holiday benefits are applicable to the area.
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