Western Cape economy anticipates 25% growth

THE OIL and gas industry off Africa’s West coast is expected to generate 11 000 jobs and increase economic growth in the Western Cape by 25% a year between 2003-2008. That was the estimate of a City of Cape Town official, speaking at the recent Oil Africa 2004 conference in Cape Town. The official said the Western Cape, together with the development potential of the port of Saldanha, offered the business environment political stability and world-class infrastructure to host a service and supply hub to the offshore oil and gas industry. Statistics South Africa estimates that for every direct Rand spent on an offshore oil and gas project, eight times the amount is circulated in South Africa’s industry in service, equipment and consumables.