By Tando Mfengwana
16 September 2006
The city of Cape Town is looking for an economic growth rate of over seven percent by the year 2010 as part of its newly drawn Economic and Human Development Strategy.
Director of economic and Human Development Department, Zolile Siswana says that the objectives of this strategy are to enhance the city’s global competitiveness by accelerating economic growth, maximizing empowerment and reducing poverty.
Siswana says that the strategy aims at creating jobs for low and semi-skilled workers, to reduce the gap between the halve poverty and to build social and human capital this is in line with national and provincial policies.
Mayoral committee member, Wasfie Hassiem, said that the Western Cape economy grew at an average annual rate of 3, 3 percent while Cape Town grew at 3, 7 percent. Cape Town contributes 76percent of the provincial economy and therefore the bulk of the growth must come from the metro area,
Over 30 percent of the people living in Cape Town are living below the household subsistence level.
The strategy is aid to have identified the most pressing concerns, which are infrastructure, basic services, public transport, and environmental management.
The city will focus on strategies that will benefit its 3, 2 million residents, such as skills development, and facilitating and enabling environment including Red Tape reduction and the establishment of a One-Stop-Shop for Investment Facilities.
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