SOUTH AFRICA - Cape Town has started work on its planned ‘convention precinct’, a development that includes a major expansion of the Cape Town International Convention Centre (CTICC) hoped to create 8,000 jobs each year.
The expansion of the CTICC (pictured) and other urban regeneration projects is hoped to boost Cape Town’s international reputation as a globally competitive business destination, and expected to contribute to economic growth through overseas business and job creation.
Commenting on the development project, CTICC CEO Rashid Toefy said the convention centre has already made a cumulative contribution of more than US$2.06bn to the national Gross Domestic Product (GDP) and more than $589m to Gross Geographical Product (GGP). “CTICC is a tangible demonstration of the power of partnership, and an excellent example of the success that can be achieved when public and private enterprises work together towards shared goals” he said.
The convention precinct will contribute to the creation of more than 8,000 jobs annually by 2018, said Toefy. The planned expansion includes 10,000sqm of retail space, a hospital, an office tower, basement parking bays, and the regeneration of Founder’s Garden by the Province, which will connect the Artscape precinct with the new, larger CTICC.
A recent feasibility report by economists from the University of Cape Town’s Graduate School of Business that measured the possible impact of the expansion revealed that the centre’s contribution to national GDP is expected to increase from $339m to more than $751m annually.
Cape Town’s executive mayor, Alderman Dan Plato, said the new development promises to bring great benefits to residents. The city approved funding of $81m towards the venture over the 2012/2013 and 2013/2014 financial years, as well as $22m for the purchase of land parcels and related statutory processes.
“Cape Town has identified the holding of events as a key component of its economic development strategy,” added Alderman Purchase. ”The expansion of the Cape Town International Convention Centre is at the core of this strategy. If we are to compete successfully in this global market then we need a world-class convention facility. At present CTICC is ranked 35th in the world but its objective is to be in the top 10.”
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