South Africa: Western Cape Finance and Economic Opportunities on Improvements at Port of Cape Town
Improvements at Port of Cape Town could generate R6bn and almost 20 000 additional jobs
To achieve this high-growth scenario, the Western Cape Government is committed to working together with all levels of government and the private sector
An efficient Port of Cape Town with sufficient capacity and investment in key infrastructure, has the potential to contribute an additional R6bn in exports, roughly 20 000 direct and indirect jobs, over R1.6 bn in additional taxes by 2026, and an additional 0.7% contribution to the Western Cape Gross Domestic Product.
This information is the outcome of a high-growth scenario contained in a research report, which was presented to stakeholders from across the entire port logistics value chain in a workshop hosted by the Department of Economic Development and Tourism this morning.
The purpose of the workshop was to understand the impact of the Port of Cape Town, to present various models and scenarios, and ultimately to build consensus on how to increase efficiency to realise the full potential of the entire port eco-system.
To achieve this high-growth scenario, the Western Cape Government is committed to working together with all levels of government and the private sector to unlock the Ports full potential. It remains a top strategic priority and collaboration will be essential.
We also believe that enabling private sector participation at the Port of Cape Town, as is currently the case for the Port of Durban and Ngqura, will be key.
I congratulate Transnet Port Terminal for the recent improvements we have seen, specifically in the waiting time to berth being one day or less for the last 5 consecutive weeks, for the average total turnaround time for vessels coming in under the target time for the for last 4 weeks, and especially for breaking the highest weekly volume of TEUs moved in early August with moving roughly 19 500.
I would like to thank all stakeholders who joined the workshop today, and we look forward to engaging with the rich content produced in the research reports as we work together to rapidly grow the economy and create jobs in the Western Cape and South Africa.
Distributed by APO Group on behalf of South African Government.