Gauteng Business News

Send  Share  RSS  Twitter  07 Mar 2012

LOCAL GOVERNMENT: Gauteng¬ís Economic Transformation


Recent Gauteng Business News

Gauteng is taking steps to transform its economy into a hub for value-added production with less emphasis on heavy industry, according to the South African province’s Premier Nomvula Paula Mokonyane.

Mokonyane told the global publishing, research and consultancy firm Oxford Business Group (OBG) that the shift formed a pivotal part of the province’s bid to increase growth by moving downstream and producing more finished and assembled goods. She said Gauteng offered investors a number of attractions on top of tax incentives, including facilities and good connectivity, but acknowledged that the province needed to address challenges such as a shortage of skills in its workforce.

¬ďWe actively encourage foreign direct investment through packages and incentives in targeted industries that offer real value added-production like pharmaceuticals and automotives,¬Ē she said. ¬ďIt is our responsibility to develop the infrastructure and human skills and talent investors require. We are working with the national government on skilling the talent that is required for advanced industries.¬Ē

What the 2012 Provincial Economic Report Will Include

Mokonyane will contribute to the Provincial focus in The Report: South Africa 2012, OBG’s forthcoming guide on the country’s economic activity and investment opportunities. The publication will explore the investment potential of South Africa’s regions, including Gauteng, which is the country’s largest province in terms of economic contribution. The report will include a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders.

Key Economic Projects Set Out for 2012

At her State of the Province address on 20 February 2012, Premier Mokonyane announced key projects to drive economic development in the province. These include the development of the knowledge economy and the ICT sector, which will involve the roll out of province-wide broadband and the development of the Smart City, which is a major public-private initiative centred on the National Expo Centre in Johannesburg.

The premier acknowledged that more could have been done to promote Gauteng as a leisure destination rather than simply a business hub or stop-over. She said a revised strategy highlighted the province’s selling points, including its new game reserve, shopping facilities, and culture and heritage attractions.

Mokonyane added that Gauteng also planned to use its infrastructure and strong transport network to tap business in the events segment. ¬ďWe have revised our tourism strategy to better reflect what we have to offer,¬Ē she said. ¬ďOne of our strengths lies in our ability to host and move large amounts of people through our hotel infrastructure, airport and the Gautrain. So hosting large scale meetings and exhibitions makes sense.¬Ē

The Report: South Africa 2012 will mark the culmination of more than six months of on-the-ground research by a team of analysts from the Group. It will provide information on opportunities for foreign direct investment into South Africa’s economy and, through collaboration with the Department of Trade and Industry (DTI), will act as a guide to the many facets of the country including its macroeconomics, infrastructure, banking and sectoral developments. The Report: South Africa 2012 will be available in print form or online.

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