According to McKinsey Quarterly, more than 20 of the world’s top 50 cities ranked by GDP will be located in Asia by the year 2025, up from 8 in 2007. With the recent approval of the Cape Economic Development Agency by the provincial cabinet, what does the output of the McKinsey research mean for the future direction of the Western Cape economic region? Should we look East or tread with caution when attempting similar methods for achieving economic growth.
A key component of this proposed body is market or economic intelligence. This may originate from within the body but may also include external intelligence drawn from a variety of local and international sources. Can the EDA use this intelligence to propel Cape Town and the Western Cape onto the growth frontier of mid-sized cities, who according to McKinsey will in future drive global growth?
How will the CEDA aim to achieve economic growth, development and inclusion for Cape Town and the Western Cape Province.
It will achieve this through:
• Provision of economic and market intelligence and monitoring (evidence-led strategy);
• Development of economic vision and strategy (leadership and common agenda);
• Securing of business attraction, retention and expansion (business and investment climate);
• Leadership of the Cape brand platform (market alliance); and
• Organisation of the economic system for optimum delivery.
(Report: Establishment of the Western Cape Economic Development Agency)