The City’s Department of Economic development welcomes the approval of the much awaited draft Investment Incentives Policy intended to entice investors and ultimately create much needed jobs.
Council approved the draft policy during its recent sitting. The document will be published for public comment soon.
The Member of the Mayoral Committee (MMC) responsible for Economic Development, Councillor Leah Knott, expressed confidence that the draft policy will receive support from residents and various stakeholders.
“We believe that when Johannesburg works, South Africa works. A 29 percent unemployment rate indicates that our country is in a desperate situation. Government cannot win this battle alone,” MMC Knott said.
“Even though we need the private sector to come on board, the City understands that it has to take the lead in creating the right environment for business to flourish and create jobs. That means getting the basics rights, and putting the right incentives in place.
“This move signals a leap forward towards realising the multi-party administration’s goal of five percent economic growth by 2021, as set out in the Integrated Development Plan (IDP), and the Economic Growth Strategy (EGS).”
MMC Knott said that Johannesburg is still the destination of choice for investment, attracting both local and foreign investors.
“In the last financial year we exceeded our investment target, achieving a total of R17.3 billion in facilitated investment. To maintain this trend we have to keep and attract new investment in the City in a bid to bolster efforts to create new employment opportunities and create an enabling environment for economic activity.”
The City of Johannesburg’s Investment Incentives Policy incorporates both financial and non-financial incentives:
Financial incentives
• Rates rebates (specialised rating areas in Transit Nodes);
• Urban Development Zone (UDZ) incentive; and,
• Inclusionary Housing Policy incentive.
Non-Financial Incentives
• Investment tracking and prioritisation;
• Single point of entry for business;
• Linkage services;
• Trade Council services;
• Investment information services including market intelligence;
• Updated spatial economic information available to investors; and,
• Access to business support services including training opportunities.
For media inquiries, please contact:
Kgopi Mabotja
Stakeholder Manager, Office of the MMC for Economic Development
078 579 7817
kgopim@joburg.org.za
