South Africa film and television industry attracts more foreign direct investment
The South African Film and Television Industry continues to attract Foreign Direct Investment from Hollywood’s major studios and creating employment for the services sector despite the economic challenges that South Africa experiences.
This, according to the Acting Chairperson of the Portfolio Committee on Trade and Industry, Mr Adrian Williams during a site visit to the Cape Film Studios in Cape Town.
Speaking at the end of the tour, Williams said the portfolio committee not only wanted to oversee the work done by the Department of Trade and Industry in the film and television industry, but also wanted to see returns on investment through employment created and transformation achieved as a result of the incentive that the companies receive from the department.
The Motion Picture Association of America (MPAA) invited the Portfolio Committee to the set of the Warrior television series which is currently shooting at the Cape Town Film Studios in an effort to showcase their high-profile project.
The Chief Executive Officer of the Cape Town Film studios, Mr Nico Dekker said since December 2010 the direct investment and economic impact of productions hosted by the studios led to 47 044 jobs being created and the South African production expenditure amounted to R2 billion in the same period.
“The overall contribution the studios made into the South African economy is R6 billion. The manufacturing process at the studios opened doors to a wide range of artisans that normally do not have access to the movie industry. This created significant empowerment to carpenters, painters, builders, garment workers, metal workers, landscapers and horticulturists,” said Dekker.