Wesgro achieves investment targets

WESGRO, the Western Cape's trade and investment promotion agency, is well on track to achieving its goal of attracting greater foreign and domestic investment into the Western Cape and stimulating growth in the local economy. Chief executive officer, Angelo Manzoni, says the organisation facilitated 46 investments worth R732.2 million from April 1 last year, representing an achievement of 89.6% of the 2007/08 investment target and resulting in the creation of 5 698 new jobs. Wesgro has refocused its strategy to go beyond the sector level to an industry and project focus. It will expand its service offerings to members and clients to include end-to-end immigration facilitation, business retention and facilitation of expansions. It will in future withdraw from sectors which other government agencies are actively promoting and target those that have demonstrated high growth potential, such as boatbuilding, agribusiness and creative industries. A case in point is the R427-million Cape Town Film Studios, formally known as “Dreamworld”, a world-class film studio complex in the making at Faure, outside the Mother City. Manzoni says the film industry serves as an important vehicle through which socio-economic issues can be addressed, it contributes to Gross Domestic Product (GDP), increases employment and promotes South Africa as a preferred services destination.