The City of Cape Town welcomes the launch of the Business Retention and Expansion Programme in Philippi. This programme is designed to stimulate economic development and create employment opportunities, and will support companies operating within these areas to stabilise their operations, and to become more sustainable.
According to a business retention and investment survey that was commissioned by the Philippi Economic Development Initiative (PEDI), projected statistics show that there is potential for the creation of approximately 52,000 permanent jobs should the area reach its economic potential, and 60,000 more over the initial construction phase of projects suggested over this period.
“Attracting investment through partnerships with non-profit organisations, different spheres of government, communities and the private sector is absolutely vital in facilitating economic growth. This development will result in not just job creation, but the reduction of crime and the fulfilment of the area’s agricultural potential,” said the City’s Mayoral Committee Member for Community Services and Special Projects, Alderman Belinda Walker.
PEDI, together with the City of Cape Town, has started a Business Retention and Expansion programme with businesses within Philippi to determine the challenges and problems they face. It is hoped that once these challenges are identified, we can modify and refine our strategy to address them.
Based on the results of the development strategy document, an investment promotion plan will be developed to inform investors, both public and private, of planned investment and to alert the market of investment opportunities in the area.
‘Business retention and expansion is essential if we are to see Philippi become a place of employment opportunities. As a City, in partnership with the main funder, the Western Cape Government, we will look to supplement the good work of PEDI in this Business Retention and Expansion programme wherever possible,” said Walker.