City of Tshwane racks in a staggering R3.6 billion in investment for 2018

City of Tshwane racks in a staggering R3.6 billion in investment for 2018

The TEDA has reaped the rewards of their hard work last year, pulling in an astonishing R3.6 billion worth of investments this year

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The TEDA ( Tshwane Economic Development Agency ),which is a state owned entity, has enjoyed great success after attracting R3.6 billion in investments to the capital city

Chairperson Nils Flaatten has said that the outstanding performance has long surpassed the original target of R1.5 billion for this financial year.

This is the outcome of hard work during the 2017 financial year when they received R200 million over and above their R1 billion target.

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Flaatten revealed that the entity had exceeded not only its target but had also achieved 17 out of 17 key performance targets.

“The role of cities is critical in attracting new investment to deliver tangible results that would make a difference to the local economy and to the lives of residents,” he said.

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The 2019 financial year is set to be another good year for TEDA with 15 new projects in the pipeline. With any luck, the entity will achieve R2 billion in the 2018/19 financial year.

In 2016 the capital had ranked behind Cape Town, Joburg and Durban as far as its direct foreign investment values had been concerned. Flaatten hopes to improve this position in coming years.

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