[South Africa] Wesgro secures R350 million in agribusiness investment deals
07-11-2019 08:11:00 | by: Bob Koigi | hits: 1971 | Tags:

Wesgro, the Western Cape government’s mandated international trade and investment promotion agency, has helped secure R350 million worth of agribusiness investment deals in the Western Cape during the first half of the year.

Despite tough economic times and a crippling drought, the Agribusiness Investment Unit (AIU) is more than halfway to reaching their target of R500 million for the year.

Dr Meyer is also proud to reveal that as a result of the investment secured, 525 direct jobs is expected to be created. This is welcomed news, as we seek to lower our province’s unemployment rate even further.

The agribusiness sector is a key component of the Western Cape’s economy and is responsible for 220 734 jobs in the province with 216 088 in primary agriculture, which equals 16,4% of all jobs in the province.

"During 2018 agribusiness in the Western Cape contributed R37 billion worth of exports, which makes up an estimated 29% of all outputs in the province. The sector is a key economic driver and positively impacts the employment rate. This being said, Wesgro is committed to prioritising and growing the industry further. We would also like to thank the Department of Agriculture for their continued support," says Tim Harris, CEO of Wesgro.

Western Cape government head of the Department of Agriculture, Joyene Isaacs: "I believe the realised investment in the agricultural sector confirms the opportunities available and as partners (Wesgro and the department), with different skill sets, highlights the consolidation of efforts for better results. Partnerships remain the fundamental principle in driving economic development.

"It pleases me that the partnership continues to bear fruit. The Western Cape remains open for business and through hard work and dedication the team continues to attract new opportunities, new investments and more jobs.

"Likewise, increasing market access is critical to our endeavours to create more jobs. A 5% increase in agricultural exports will lead to almost 23,000 jobs being created in the Western Cape economy. Despite the drought, agriculture continues to attract foreign direct investment. Good governance, resilience, innovation and market access for agricultural products promote foreign direct investment."