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Vos highlights faith in a stronger future

The City of Cape Town last week, at a meeting with the Atlantis Industrial Initiative and officials from the Enterprise and Investment Department, launched its Business Expansion and Retention (BE&R) programme.

“This entails surveying businesses to determine exactly how it can use the levers available to help businesses recover from the lockdown measures,” James Vos, Mayco Committee Member for Economic Opportunities and Asset Management, explained, “but also to identify opportunities to build a stronger, more resilient future for our businesses.”

The first phase of the programme will be conducted in the Atlantis industrial area and is a community-sponsored initiative that involves the formation of a local task force and use of a structured interview process to learn about the needs, concerns, suggestions and perceptions of local businesses.

Vos told local councillors and industrialists that the City knows local businesses are vital for job creation, job retention and investment.

He said between 60% and 80% of new jobs are created by the growth of existing businesses. Local business accounts for 70% of new investments in the local economy, and growth of existing business also creates opportunities for start-ups.

“From this information we need a plan of action to address the identified problems, improvements, and opportunities will be drawn up and implemented,” Vos said.

He said the Enterprise and Investment Department’s Economic Action Plan (EAP) developed by the City’s Economic Task Team, which serves as the City of Cape Town’s economic response and contingency plan for the short-term crisis facing the city’s local economy, following the various stages of lockdown, has been compiled on the premise of three stages – response, adaptation and recovery, and stabilisation.

By working together, listening to the needs of businesses and ensuring plans are implemented that are proven to work, the City can get the local economy back on track, according to Vos.

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