The Western Cape has received R103 billion in Foreign Direct Investment in its technology sector, according to the Democratic Alliance, solidifying its place as the ‘tech hub’ of South Africa.
In a 2021 report from fDi Intelligence, a data division of the Financial Times group, Cape Town was revealed to be one of the world’s fastest-growing regions for foreign direct investment. On Wednesday , Cape Town-founded artificial intelligence start-up DataProphet completed its R166 million series A round to accelerate its growth globally.
Alongside domestic startups, heavy-hitters such as Amazon have made Cape Town its home. The multinational online retailer has been in the process of developing its new R4.6 billion Africa headquarters in the city – prior to its launching its e-commerce platform in South Africa next year to challenge Takealot.The Cape’s tech culture has extended beyond startups to fostering the skills necessary for further development.
The City’s mayoral committee member for economic growth, James Vos, said that the new graduates have equipped with some of the most sought-skills in the country right now in one of the world’s fastest-growing regions for foreign direct investment with IT being one of the biggest sectoral drawcards for foreign investors.
Pension/Static income owners will be priced out of the city. Probably by design, gentrification has always been a big issue in CT.