Gauteng is poised to become a major trade, investment, arts and culture, fashion and information technology hub as spin-offs of the 2010 FIFA World Cup. This emerged during the Gauteng Gateway 2010 African Business Conference.
Addressing delegates at the opening of the conference in Boksburg on Wednesday, Gauteng Economic Development Agency Chief Executive, Blake Mosley-Lefatola, said since its establishment, the investment and promotion agency had brought billions of investment to the province.
"Gauteng accounts to more than 35 percent of the country's gross domestic product (GDP) and it is the fourth largest economy after South Africa, Nigeria and Egypt.
"Therefore, it is important to sustain the growth and address unemployment faced mostly by the youth. Gauteng Economic Development Agency has attracted R9 billion worth of investment to Gauteng and also created sustainable jobs to address the challenge of unemployment.
"It is important for Gauteng to sustain the growth of the economy through business investment, exploring trade relations and economic relations with the rest of the world.
The world cup offers us an opportunity to achieve our goals (of creating sustainable jobs and growing the economy), therefore it is important that all the participating African countries in the world cup are part of this conference," Mosley-Lefatola said.
He said the province, through the Gauteng provincial growth and economic strategy, was committed to addressing unemployment, especially among the youth who are contributing a huge percentage of the unemployment lines.
According to Phila Rulashe, the Gauteng Director of Grant Thorton, South Africa, especially Gauteng, was expected to benefit from hosting the world cup.
"Tourism does and continues to represent a strategic sector of the South African economy. Although tourism has not escaped the economic down turn, foreign arrivals from the rest of Africa have increased.
"Future growth will be from non-traditional overseas markets from the rest of the continent. The World Cup will boost the economy and it's time to position the economy for the next upswing," Rulashe said.
Despite last year's economic meltdown, Gauteng's economy has been boosted by economic sectors such as agriculture, community and social services, construction, electricity, transportation, trade, finance and manufacturing.
The conference was attended by representatives from the six African countries participating in the 2010 FIFA World Cup and a delegation from the Brazilian southern City of Caxias do Sol.
The National African Federated Chamber of Commerce (NAFCOC), the New Partnership for Africa's Development (NEPAD) and delegates from the Democratic Republic of Congo, Nairobi, Angola and Ghana also attended the event.
The conference explored various ways and means to facilitate increased trade in the continent, cooperation through twinning arrangements, the cooperation between business in Gauteng and business in the continent and skills transfer, capacity building promotion and knowledge and cultural exchange.
For more information contact:
Barba Gaoganediwe
Cell: 083 446 7844
Themba Sepotokele
Cell: 082 490 9869
Issued by: Office of the Premier, Gauteng Provincial Government
9 June 2010
