Gauteng emerges as South Africa's economic powerhouse - 19 February 2024

Office of the Premier 2024/02/21 - 22:00



​Lerato Mailoane 

Gauteng, the bustling heart of South Africa's economic activity, has solidified its position as the nation's foremost economic hub.

Premier Panyaza Lesufi, in his Monday's State of the Province address at the Nasrec Expo Centre, underscored Gauteng's economic prowess, revealing that its economy now surpasses that of all other provinces in the country.

"Gauteng has the largest number of employed people at around 5 million. Despite the job losses during the devasting COVID-19 pandemic, our economy remained resilient, and we rebounded with over 449,000 jobs."

Over the past year, Gauteng, as the nation's economic nucleus, has experienced a notable increase of 96,300 jobs, with an impressive 31,300 positions created in the last 90 days alone.

Premier Lesufi highlighted the influx of investments, revealing that the province has attracted over R68 billion from 261 foreign companies, generating approximately 23,000 direct jobs across various sectors.

"These investments cut across the ten high-growth sectors of our economy."
The Premier emphasized that these investments span ten high-growth sectors, signalling a diversified and robust economy.

During the 5th South African Investment Conference last April, commitments totalling R1.14 trillion were made across various economic sectors, with R22 billion earmarked specifically for Gauteng.

Lesufi outlined the strategic economic development agenda of the 6th administration, focusing on corridor-based growth initiatives, including the rollout of Special Economic Zones (SEZs) and the revitalization of industrial parks.

One such success story is the Tshwane Automotive Special Economic Zone (TASEZ), where operations have commenced, culminating in producing the next-generation Ford Ranger and VW Amarok.

The significant capital investment of R15.8 billion by Ford Motor Company of South Africa has boosted production capacity and facilitated job creation, with 3,291 positions within the zone, a substantial portion sourced from local townships.

Additionally, Lesufi highlighted investments in partnership with BMW and YFPO, totalling R2 billion, to further enhance the region's industrial capacity and support sustainability initiatives.

Gauteng's commitment to tackling youth unemployment was underscored with the launch of the Nasi iSpani Mass Recruitment Programme, which provided strategic employment opportunities within the provincial government and its agencies.

Premier Lesufi affirmed that nearly 90,000 young people have been lifted from unemployment, underscoring the program's tangible impact on families and communities across Gauteng. This proactive approach addresses immediate employment needs and fosters long-term socio-economic development.
 


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