City attracts major investments in three years
JOHANNESBURG – The City had facilitated R16.355 billion worth of investments by the end of June this year.
The economy of the City of Johannesburg has reportedly grown four times bigger in investment value compared to three years ago.
This was recently revealed by Mayor Herman Mashaba who boasted that the City’s Department of Economic Development has facilitated investments to the value of R16 355 billion by the end of the previous financial year, based on preliminary figures.
“When the multiparty government came into office in August 2016, levels of investment stood at R4.5 billion in the 2015/16 financial year. This figure dropped slightly in the 2016/17 financial but grew substantially, to 8.69 billion in the 2017/18 financial year,” said Mashaba.
Mashaba said the City had facilitated R16.355 billion worth of investments by the end of June this year. “Therefore, the increase in facilitated investment will boost our efforts of creating jobs and ultimately eradicating the scourge of poverty, inequality and social exclusion.”
He further congratulated MMC for Economic Development, Leah Knott and her team for working hard in ensuring investor confidence and rapid economic growth. He said the success augurs well for the objectives of the multi-party government of achieving five per cent economic growth by 2021.
Mashaba’s brainchild of turning the city into a construction site has been at the core of the economic boost. He encouraged investors to take advantage of the Urban Development Tax Incentive and partner with City to restore the inner city to its former glory.
“The inner city has experienced a growing shift in the mixed-use housing indices including combinations of student accommodation districts, expansions and modifications; middle-class apartment for emerging professionals in the Inner City and suburbia,” said Mashaba.
The City acquired investment to the value of R4.2 billion in the first quarter, R3.8 billion in the second quarter, R4.85 billion in the third quarter and R3.5 billion in the fourth quarter. Investment acquired under the UDZ Tax Incentive amounted to R1.95 billion.
Knott said that residents of Johannesburg should expect to see various developments across the city as a result of this unprecedented success in investments. She said the investments will unlock Joburg’s true potential and further affirm its position as the economic hub of Africa.
”We are committed to bringing real change to the people of Johannesburg. We are also saying Joburg is open for business. We encourage investors to remain in the city and take advantage of the many opportunities,” said Knott.
Related article:
