Western Cape Business 2023
A unique guide to business and investment in the Western Cape, the 2023 edition of Western Cape Business is the 16th issue of this highly successful publication that, since its launch in 2005, has established itself as the premier business and investment guide for the Western Cape. The Western Cape has several investment and business opportunities. In addition to the regular articles providing insight into each of the key economic sectors of the province, a special feature focuses on how the province’s Special Economic Zones have the potential to shift the energy debate in the Western Cape. The Atlantic Special Economic Zone is positioning itself as a greentech hub and wants to attract manufacturers in the renewable energy sector and automobile component manufacturers for the electronic era. It is encouraging tenants to reduce carbon emissions and use renewable energy. Up the coast at the Saldanha Bay Industrial Development Zone, the provincial government has not given up hopes of persuading national government to site a gas plant there, but in the meantime the race for green hydrogen might have supplanted the original wish. An expert from the Council for Scientific and Industrial Research (CSIR) provides insights into green hydrogen in a two-page article.
A unique guide to business and investment in the Western Cape, the 2023 edition of Western Cape Business is the 16th issue of this highly successful publication that, since its launch in 2005, has established itself as the premier business and investment guide for the Western Cape.
The Western Cape has several investment and business opportunities. In addition to the regular articles providing insight into each of the key economic sectors of the province, a special feature focuses on how the province’s Special Economic Zones have the potential to shift the energy debate in the Western
Cape. The Atlantic Special Economic Zone is positioning itself as a greentech hub and wants to attract manufacturers in the renewable energy sector and automobile component manufacturers for the electronic era. It is encouraging tenants to reduce carbon emissions and use renewable energy.
Up the coast at the Saldanha Bay Industrial Development Zone, the provincial government has not given up hopes of persuading national government to site a gas plant there, but in the meantime the race for green hydrogen might have supplanted the original wish. An expert from the Council for Scientific and Industrial Research (CSIR) provides insights into green hydrogen in a two-page article.
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OVERVIEW<br />
Banking and financial services<br />
Infrastructure funds are attracting investors.<br />
SECTOR INSIGHT<br />
The <strong>Cape</strong> Town Stock<br />
Exchange is in Woodstock.<br />
Big infrastructure projects like the Berg River Dam need financing.<br />
Credit: WRC<br />
Sanlam, established in 1918 as a life insurer, is now a financial<br />
services company with five main divisions, including Corporate,<br />
Personal Finance and Emerging Markets. Santam focusses on<br />
short-term insurance. With its headquarters in Bellville, Sanlam<br />
is Africa’s largest insurance company.<br />
Sanlam Investments has launched a Sustainable Infrastructure<br />
Fund which primarily invests in senior or subordinated debt across a<br />
wide range of South African infrastructure assets, with the ability to<br />
invest up to 10% in equity.<br />
The South African state has promised a huge infrastructure drive<br />
but in the context of climate change, the investment community is<br />
increasingly putting emphasis on sustainability. Sanlam Group will<br />
invest R6-billion in the fund and aims to attract a further R5-billion<br />
from institutional investors. Investments will be made in housing,<br />
transport, health, water, waste, communication, conventional energy<br />
and renewable energy, a fast-growing sector with enormous potential.<br />
The <strong>Western</strong> <strong>Cape</strong>’s evolution into a technology hub is one of the<br />
reasons why one of South Africa’s newest stock exchanges chose to<br />
move to the <strong>Cape</strong> and rebrand as <strong>Cape</strong> Town Stock Exchange.<br />
This trend is also persuading banks, insurance providers, asset<br />
managers and venture capitalists to choose to relocate. There are more<br />
than 40 000 jobs in the technology sector (more than double the total<br />
of Nairobi and Lagos combined, Wesgro) and formal employment in<br />
the financial sector exceeds 50 000.<br />
Together with business services, the financial sector comprises the<br />
ONLINE RESOURCES<br />
Financial Sector Conduct Authority: www.fsca.co.za<br />
Insurance Institute of South Africa: www.iisa.co.za<br />
South African Institute of Chartered Accountants: www.saica.co.za<br />
biggest contributor to the<br />
provincial economy. According<br />
to Wesgro, 75% of the venture<br />
capital deals that happen in South<br />
Africa originate in the <strong>Western</strong><br />
<strong>Cape</strong>. Most financial firms based<br />
in <strong>Cape</strong> Town have a long history,<br />
some going back as far as 1845<br />
when Old Mutual started. One<br />
of the most successful disruptors<br />
in recent times has been<br />
Stellenbosch-based Capitec Bank.<br />
The African Institute of<br />
Financial Markets and Risk<br />
Management (AIFMRM) aims is<br />
to meet the demands for skills<br />
by developing local talent. It<br />
is supported by the <strong>Western</strong><br />
<strong>Cape</strong> Provincial Government,<br />
the University of <strong>Cape</strong> Town,<br />
Barclays Africa Group, FirstRand<br />
and Liberty.<br />
The head offices of financial<br />
firms are dotted all over <strong>Cape</strong><br />
Town. These include Old<br />
Mutual and Foord (Pinelands),<br />
Futuregrowth and Coronation<br />
(Newlands), Prudential<br />
(Claremont), Sygnia (Green<br />
Point), Sanlam (Bellville) and<br />
Allan Gray (Waterfront). PSG has<br />
its headquarters in Stellenbosch<br />
and is well represented in rural<br />
towns. Insurers such as Santam<br />
and Metropolitan Life are based<br />
in Bellville. Nomura, a Japanese<br />
financial holding company, has<br />
a presence in the <strong>Cape</strong> through<br />
Nomura South Africa which offers<br />
investment banking services. ■<br />
WESTERN CAPE BUSINESS <strong>2023</strong><br />
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