The Gauteng economy attracted R66bn worth of foreign direct investment between 2014 and 2016, Premier David Makhura said on Tuesday.
The provincial government was focused on increasing trade and investment with major economies in Africa, fellow Brics countries, Asia-Pacific, Europe and the Americas, he said during his state of the province address in Randfontein, west of Johannesburg.
The Gauteng investment centre and the team at the Gauteng growth and development agency were doing well in making the province a preferred investment destination, Makhura said.
The province received the largest number of foreign tourists, at 41.4%.
"Gauteng has the highest number of bed-nights and revenue generated, compared with other provinces, within the international tourist markets. We also receive the majority of African land-based tourists," he said.
With regard to the revitalisation and mainstreaming of the township economy, the Gauteng government had increased its spending on the township economy from R600m in 2014 to R6bn in 2016.
The number of township enterprises benefiting from the public procurement policy had more than trebled, he said, from 800 in 2014 to more than 2,800 by January 2017.
The province had also continued to invest in economic infrastructure in the townships, including the refurbishment of industrial parks and the provision of broadband connectivity; and in training and skills development for township enterprises and small businesses.
Makhura said the Gauteng economy had created more than 700,000 new jobs in the past six years but more needed to be done to reduce unemployment.
Since the start of his administration in 2014, two-yearly job creation had broken the 300,00 ceiling to reach 317,000 — but this was not enough.
"We know full well that in order to significantly decrease unemployment, we need to double this number and reach at least 600,000 new jobs over a two-year period from 2017 till 2019," he said.
The implementation of a new provincial economic development plan would be the Gauteng government’s priority, in partnership with municipalities and social partners.
Together with industry leaders and municipalities, the provincial government was identifying and addressing local impediments that hindered the growth in employment, empowerment and exports.
This was being done in partnership with economists from the University of Johannesburg and the Gordon Institute of Business Sciences (GIBS), which is part of the University of Pretoria.
It was also doing work to enhance the contribution of innovation, research and development in partnership with the CSIR, the University of the Witwatersrand and the Vaal University of Technology through the Gauteng Innovation Hub.
"We have a memorandum of understanding with all Gauteng-based universities and research institutes to work together in ensuring that they contribute to our drive to make Gauteng the leader in innovation, research, development and knowledge-based economy.
"The new future-oriented economy is taking shape. We will be significant participants in the fourth industrial revolution," Makhura said.
© Business Day
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