By Lorine Towett for Wee Tracker
It is no doubt that Cape Town has continued to cement itself as Africa’s tech hub. The city boasts being home to a majority of South African startup firms with new companies opening shops almost on a monthly basis.
The South African city has been named Africa’s leading digital city and contributes the most to the Western Cape’s GDP.
The 2018 State of Cape Town Central City Report compiled by the Central City Improvement District (CCID), has highlighted the hard work of the City and its partners.
The report also shows that 50 percent of the country’s emerging tech companies are based in the Western Cape, a majority of which are in Cape Town. Owed to the fact that most tech firms are based in the South African capital, the city employs more people in the sector than anywhere else on the African continent.
Cape Town has earned approximately ZAR 5 Bn in foreign direct investment from the many international firms that have set shops within the city. The city’s economic activities contribute nearly three-quarters of the Western Cape’s GDP.
“The city and the CBD has geared itself to accommodate an emerging digitally savvy population that requires a business environment that offers good broadband connectivity, co-working spaces, accessibility and quality of lifestyle. The City Centre has all of these, and as a recognised digital city, the Cape Town CBD is well placed to support this vibrant new way of working,’ said CCID chairperson, Rob Kane.
In a bid to boost innovations in the thriving tech hub, the city has invested ZAR 1 Bn which will go into developing a telecommunication network which will provide data connection to various buildings and locations.
The broadband project is expected to be completed by 2020 and so far, 300 City-owned buildings have been connected.