City of Cape Town made investment of R6.4 billion under Special Purpose Vehicles (SPVs) programme. Through this, over 15,000 jobs were directly secured in 2024.
Reportedly, the City of Cape Town supports 11 Special Purpose Vehicles (SPVs) across key high-growth industries, including technology, clothing and textile manufacturing, with business process outsourcing (BPO) and marine manufacturing.
Member of the Mayoral Committee for Economic Growth and Tourism – Alderman James Vos said that the results of the programme highlight the success of the targeted efforts to create an environment that attracts investments and the employment opportunities, coming with that.
Vos explained that through the work with these SPVs, they are driving business growth, creating jobs and equipping residents with the skills that are needed to thrive in key industries. For the, this is a kind of progress that builds a stronger and more inclusive economy for all.
SPVs are funded by the City of Cape Town and are instrumental in driving growth in these sectors. The programme promotes innovation, unlocks opportunities and supports workforce development. They also helped in ensuring Cape Town to remain a competitive and inclusive business hub.
2024 Record
Last year, in 2024, R6,445,489,930 secured investment. 15,763 jobs were created in sectors including BPO, technology, renewable energy as well as clothing and textile manufacturing. Over, 2,987 people were trained to meet industry demands and equip residents for meaningful employment.
Endeavouring 2025
City of Cape Town is looking ahead to expand opportunities in 2025.
Considering this, Alderman James Vos has outlined plans to build on these successes that includes refreshing investment incentives policy by City of Cape Town. It further expanded business growth services into industrial nodes of Cape Town.
Vos confirmed that in 2025 they will focus continuously on aligning the policies and programmes with the needs of investors, while they will continue to drive sustainable growth.
He stated that by expanding the investment facilitation services into industrial areas, they will support economic development in areas where it is needed the most.
“Sectors such as business process outsourcing, renewable energy and manufacturing will remain at the heart of our efforts,” said James Vos. In collaboration with SPVs and other stakeholders the city will unlock new opportunities and will also ensure that Cape Town remains a leader in innovation and growth.