A 30 Billion Rand Private Investment for JHB is in the works
Category News
One of the most talked-about issues when living in South Africa is trying to catch up with the rest of the developed world. It's a long and arduous walk, but through the years, the continent has seen massive growth in its fledgling economies, with more and more people starting to enter the middle class.
Bringing our cities in line with New York, Paris, or even London has always been a conversation for fairer weather. Still, recent moves by private investors working closely with the government might make such a dream a near reality in years to come.
Private Investment to evolve the city of Johannesburg
According to the Mayoral Head of Economic Development, Nkululelo Mbundu, a recent investment of R30 billion is likely to see significant additions and upgrades to the city, which will modernise its infrastructure. This initiative relies on private investments with the goal of both uplifting the town as well as adding to job creation and economic growth.
Mbundu has expressed his excitement for the venture, stating that there is every opportunity for Johannesburg's growth potential to be "limitless" and compete with its global counterparts.
"When we talk about trade and investment, our role is to make it easy for investments to come to the city, and secondly, to have a well-run and well-governed city," says Mbundu.
He further stated that it's about getting our business hub to function effectively and that the essentials need to streamline to make Johannesburg the "destination of choice."
Tourism and a new precinct
To detail this venture, city planning departments are seeking to attract investment from local and international parties to boost various sectors from infrastructure to logistics and technology.
He went on to express that Johannesburg's unique flavour and local townships have much to add to attract tourism. As such, a significant part of this investment will focus on uplifting these areas, making them viable for travel and leisure. He mentioned the importance of the private sector and how it will be instrumental in seeing this growth.
The secondary focus will be the inner city, with a particular emphasis on green infrastructure. They will pay special attention to reclaiming abandoned buildings for renovation with the possibility of converting the historic Drill Hall into a precinct for arts and crafts.
New financial services and security features
With the advent of new technology and upgraded facilities, Mbundu also expressed the importance of a financial services hub to attract and excel in growth. With more than 6 million people living in the city, investors must have the tools to tap into that population adding mutual value for both parties.
Finally, he expressed the vital role of upgraded security features and a more significant police presence. He recognised that you cannot have growth if "we don't work hard on safety and security."
The investment will employ various strategies for creating and maintaining a cleaner and safer city. Moves towards making this an eventuality have already begun. At the beginning of 2022, more than 1800 metro police officers were deployed to the inner city to combat lawlessness and vagrancy in a segmented and block-by-block approach.
Final thoughts
Various initiatives and moves throughout the years seem promising in the initial stages, but lack of continued support and poor execution has always stagnated growth potential. While it is always a good sign that private investment continues to see potential in the city, we must meet these obligations while sticking to a realistic schedule.
Recent moves to turn Lanseria into a Megacity continue to grow in development thanks to setting realistic time frames with estimations that the city will finalise the project within the next decade.
We will remain tentatively optimistic and continue monitoring this exciting initiative as time passes.
Read our previous article here: https://www.hamiltons.co.za/news/prepping-your-garden-for-spring-a-how-to-guide/
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Author: Lisa