The City knows that our local businesses are vital for job creation, job retention, and investment. Between 60% and 80% of new jobs are created by the growth of existing businesses. Local business accounts for 70% of new investments in our local economy and the growth of existing business also creates opportunities for start-ups.

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

From this information, action plans to address the identified problems, improvements, and opportunities will be drawn up and implemented.

I also presented 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.

The EAP has been compiled on the premise of three stages: response; adaptation and recovery; and lastly, stabilisation.  I also shared further details of what the recovery plans entail:

• Enhancing business retention efforts;
• Making it easier for expansion and investment to resume again;
• Equipping businesses for new ways of working; and
• Utilising the City’s sectoral support approach to identify and exploit new sectoral opportunities emerging from the crisis.

By working together, listening to the needs of businesses and ensuring that we implement plans that are proven to work, we can get our local economy back on track. I will continue to work with my officials and various stakeholders to get Cape Town back to work and help create the right conditions for job opportunities in all corners of our city.