cape town releases 5 year economic plan
16 April 2008

The City of Cape Town has published a five-year plan to stimulate economic growth and development for the Cape metropole and its 3.3 million residents. The strategy forms part of the city's Integrated Development Plan, which is now open for public comment until 30 April 2008.

"Spatially, the extent of the city has doubled in the past 20 years - and we need to plan ahead in order to sustain a healthy and growing economy that benefits all the people of Cape Town," says Councillor Simon Grindrod, mayoral committee member for economic, social development and tourism.  According to the five-year plan, Cape Town currently generates about 78 percent of the gross geographic product of the Western Cape and some 12 percent of South Africa's gross domestic product.

In line with international trends, the city's economy is increasingly shifting towards the services sector, with the largest growth in finance, business services, trade, catering, accommodation, tourism and transport and communication.

"There is a pressing need to create productive employment opportunities, but the city can only achieve growth if it is globally competitive. City government can improve the business environment by sharing information with local businesses, reducing the cost of doing business and enhancing safety and security, especially in areas in which development is needed.

"Tourism will remain Cape Town's competitive draw card, while key economic sectors such as information communication and technology, boat building, ship repairs and business process outsourcing will be stimulated through specific programmes.

Other City initiatives include the establishment of a one-stop development facilitation unit to assist developers and a red tape review programme to speed up the processing of building plans and land use applications within the statutory time frames.

"Public input is crucial for the finalisation of the IDP which commits the City to meeting specific targets over the next five years. This is an ideal opportunity for Capetonians to get involved in planning for Cape Town's future," says Dr Martin van der Merwe, the City's Director: IDP.

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