Media Release by Mireille Wenger, Provincial Minister of Finance and Economic Opportunities - Western Cape welcomes Africa Tech Week to Africa’s Tech Capital
The Western Cape warmly welcomes delegates attending Africa’s Tech Week to Cape Town, and the Western Cape, Africa’s Tech Capital.
With more than half of all South African start-ups (51.2%, the South African Start-up Ecosystem Report of 2022) located in the Western Cape, the digital economy presents a clear opportunity for enabling and unlocking rapid economic growth and job creation in the province.
This is also confirmed in the latest FDI data with the communications sector in the Western Cape leading the way with R55,24 billion of inward investment over the 2011-2021 period, equivalent to 41,02% of total global inward FDI received. The business services sector, which has attracted R16,73 billion over this period, is also in the top 3 FDI categories for the province.
On a more granular level, the software and IT services sector were the recipients of 61 projects with a total CAPEX value of R13,17 billion of inward FDI over this period, with more than 55% of this CAPEX value invested over the period 2019 to 2021 alone.
To support these efforts, the Western Cape has a dedicated Digital Economy unit within the Department of Economic Development and Tourism, while Wesgro has a programme lead that works to attract and land investment in the tech ecosystem.
In the last 3 months alone, for example, Wesgro has taken 11 tech companies to two major international shows, including VivaTech in Paris. The province also looks to continue to position itself within the tech sector globally, through its participation in Africa Tech Festival in November, and Africa Games Week in December.
Networking engagements, educational sessions, and strategic discussions have also been critical to rolling-out a more impactful tech focus and the creation of an enabling environment for exporters and investors. Wesgro hosted 11 of these sessions during the 2021/22 financial year and 6 during the first quarter of 2022/23.
This is in addition to the creation of promotional resources, such as “10 reasons to invest in Tech in the Western Cape”, which is expected to be launched in the third quarter of this year, and the ongoing Pioneers Magazine series, which profiles over 80 tech companies in our province.
I am excited by the huge potential that the digital economy creates for the economic growth of our province, and for how it positions our province, South Africa and the African continent for the future.
On this note, I wish all the delegates and speakers attending the conference fruitful discussions and deliberations as you assess progress made in the sector.
Media Queries:
Georgina Maree
Spokesperson for the Provincial Minister of Finance and Economic Opportunities
(Responsible for the Provincial Treasury and the Department of Economic Development and Tourism)
Cell: 076 423 7541
Email: georgina.maree@westerncape.gov.za
