At least R14-billion in investments had seen the economic development of the City of Johannesburg, resulting in economic hubs that created jobs and further opportunities for the city’s citizens, mayor Parks Tau said on Wednesday.
The city had begun redesigning the region through the Growth and Development Strategy Joburg 2040, said Tau, as he presented his state-of-the-city at the Turffontein Race Course.
“We are celebrating the R14-billion worth of investments that has flowed into the inner city through the Urban Development Zone tax incentive, bringing us Maboneng, a new Braamfontein and so much more. We are complementing these with a better street trading management system for the inner city, a trading sector where three of the busiest streets alone have a turnover of over R10-billion a year,” he said.
The ongoing township enterprise roll-out would soon see the addition of bakery businesses, called JoziBread, where entrepreneurs from cooperatives, including young people and women would produce nutritious bread and generate income, said Tau.
“Billions of rands worth of purchasing power hidden in our townships and informal settlements is being unleashed…the new economic democracy is rising.”
He said the Global Financial Index Centre (GFIC) in 2015 found that Joburg was Africa’s leading economically powerful city. The GFIC rated Johannesburg at 33 compared with other cities globally.
Edited by: African News Agency
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