Cape Town: A statement was released by the Member of Mayoral Committee for Economic Growth and Tourism – Alderman James Vos said that the City of Cape Town has tabled an R875.4 million draft budget for the Economic Growth Directorate for the 2025-26 financial year.
This funding will drive key projects and programmes that are designed to boost the investment, create jobs and make it easier to do business in Cape Town. As the public have time to comment on the proposal till May 02, 2025.
Alderman Vos said that he has worked closely with the city teams across the various departments in the Economic Growth Directorate, in crafting the budget and to identify the right mix of initiatives that will deliver real economic impact.
James Vos explained that they are concentrating on their work and said, “Our focus is clear, we want to make that unemployment queue shorter and create the conditions for businesses, big and small, to thrive.”
“That mean ensuring streamlined processes through our Ease of Doing Business Index cutting red tape and unlocking opportunities that will drive economic growth across the key sectors,” added Vos.
The draft budget aligns perfectly with the Mayoral Priorities and represents an investment in hope, action and tangible results. It also drives a business-friendly environment that attracts investors and creates opportunities for job seekers. Also, they are shaping future of Cape Town as a thriving city of opportunity.
Alderman James Vos also encouraged all the residents and stakeholders to engage with the draft budget and share their input as they refine these proposals. Together, they are investing in a thriving economy that benefits every Capetonians.
HIGHLIGHTS OF BUDGET DRAFT
Expanding Cape Town’s Air and Sea Access:
The increased funding will enable Cape Town to land more flights and cruise liners, which directly benefits tourism, trade and cargo logistics. These efforts are unlocking billions in economic impact.
Boosting Small Businesses and Entrepreneurs:
The support for thousands of small businesses through the City’s Business Hub, sector-specific growth initiatives and enterprise incubators is helping local entrepreneurs to thrive.
Creating Business-Friendly Markets for Informal Traders:
Capital investment is being made in Area Economic Development projects, in order to provide dignified and business-friendly trading spaces for informal traders. It includes upgrades to key markets, such as the Mitchells Plain Town centre, the Nyanga Junction and the Bellville Public Transport Interchange, ensuring that informal businesses have the infrastructure, needed to grow and succeed.
Skills Development and Job Readiness:
Investments were done in key job training programmes, such as the successful call centre training initiative and Jobs Connect Programme. They are equipping Capetonians with in-demand skills, and ensured that they are work-ready for opportunities in high-growth industries.
Catalysing Strategic Investment Through Asset Optimisation and Land Release:
The city is making more land available for residential, commercial and industrial development, driving economic activity while ensuring that these projects contribute in creating jobs and delivery services. This also includes assisting with administrative asset beneficiation for multi-use development.
Investing in Strategic Assets:
The City of Cape Town is allocating funding to continue investing in strategic assets, such as the Athlone Stadium, City Hall, Green Point Athletics Track as well as Grand Parade, and the Green Point Urban Park. also, it recognised their significant economic, environmental, sporting and tourism value. These assets play a crucial role in long-term growth of Cape Town and attractiveness as a global city.
Funding Industry-Specific Business Partnerships:
They are strengthening high-growth sectors by providing funding to key industry partners that drive development in marine manufacturing, production of clothing and textile, technology innovation, business process outsourcing and more. These sectors are job-intensive and provide opportunities for thousands of Capetonians.
Growing the Visitor economy:
With a clear focus on tourism marketing campaigns and innovative experience-based offerings, they are increasing visitor numbers, boosting local businesses and are driving employment in the hospitality sector.