Global and renowned tech giant, Google has announced an official investment of a whopping R2.2-billion in investment funding into Cape Town and the Western Cape.
The notable investment will amount from both Google and other investors will positively contribute to job creation and the growth of various local industries
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According to reports, Google’s investment will go towards establishing a fibre optics submarine cable in the Western Cape that will provide high-speed internet connectivity across South Africa.
Tim Harris, CEO of Wesgro comments on the investment made by Google and what it means for the regional tech industry.
“The fact that global tech giants such as Google are looking to make a considerable investment in the province further solidifies our position as Africa’s Tech Capital. We welcome these investments and the confidence boost it provides”.
Five notable investments were announced at the presidential investment summit into the Western Cape, notably by Google, Amdec, Capita, Lactalis, and Teraco. According to reports, collectively all the investors have committed to an investment of R7.8-billion into the province.
Salman Kajie, head of the InvestSA One Stop Shop Western Cape outlines what the massive investment means for the province.
“Not only do these investments boost our local economy, but they will go contribute to much-needed job creation in the Western Cape,” commented Minister of Finance and Economic Opportunities, David Maynier. “Maintaining our position as a leading investment destination, retaining investor confidence, and attracting new investments remain key as we rebuild our economy following a challenging year. These declarations are compelling proof to the local and global investment market that we are open for business!”
Investment impact
Aside from positively contributing to economic growth and job creation, the investment bodes well for investor confidence, setting a bar that encourages international and local investors to contribute to the Mother City.
James Vos, City of Cape Town Mayco member for Economic Opportunities and Asset Management highlights that the investment will contribute to dynamic growth in the tech sector.
“Boasting world-class infrastructure, sound governance, a skilled workforce, coupled with political will – the Mother City offers investors a plethora of investment opportunities in thriving industries like Agri-business, Manufacturing, Tech, Creative Industries, Real Estate, Maritime Manufacturing, Business Process Outsourcing to name but a few. The City of Cape Town is ready to partner with the public & private sector to help attract & land investments that will drive demand & make sense.”
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Featured image: Greg Bulla via Unsplash
