Growing the economy, creating jobs and the youth are the focal points of the province’s new R67 billion budget, which includes a focus on areas such as the Atlantis Special Economic Zone (SEZ).
On Tuesday 2 March Dr Ivan Meyer, Western Cape Minister of Finance, tabled the budget.
In his budget speech he stated R96 562 million was allocated by the Department of Economic Development and Tourism towards the Atlantis SEZ.
Meyer explained that, in total, the department will receive R1,607 billion over the current period of the 2019 Medium Term Expenditure Framework (MTEF), with R132 750 million to support emerging economic themes and job creation stimulus within the Western Cape.
Over this year’s MTEF the department aims to stimulate economic growth in the province, which is expected to create an increase in job opportunities. These opportunities, especially for young people, will be aided through an increased support mechanism for Small, Medium, and Micro Enterprises (SMMEs), the MEC said.
The increase in SMMEs’ support is expected to focus mainly on the metro and areas such as Mossel Bay, Saldanha Bay (IDZ) and the local SEZ.
The Atlantis zone has been designated specifically for the manufacturing of green technologies and related services.
According to Meyer, the focus will be centred on continuing to attract manufacturing and service companies in the green technology space, completing the establishment of suitable institutional arrangements required for the local SEZ as well as the preparing of the first phase of infrastructure development in the zone.
The provincial government aims to address unemployment by the development of skills. To this end, R196 555 million has been allocated over this year’s MTEF towards the coordination, facilitation and implementation of initiatives in the province.
New youth skill development programmes will include artisan development, skills for the digital economy, financial and business sector skills, improving the quality of maths, science and engineering qualifications, and developing entrepreneurial skills Meyer says. The aim is to introduce at least 11 300 qualified apprentices into the labour market.
