City of Cape Town

Cape Town is South Africa’s oldest city, its second-most populous and an important contributor to national employment. It is the legislative capital of South Africa, the administrative and economic centre of the Western Cape, and Africa’s third-biggest economic hub. The Mother City produces 9.8% of South Africa’s gross domestic product (GDP) and accounts for more than 71% of the Western Cape’s economic activity (Global Insight, 2016). The city has a diversified economy, the three biggest sectors are: • finance, insurance, property and business services; • manufacturing; and • wholesale and retail trade, catering and accommodation – much of this tourism-driven. Between January 2003 and October 2015 an estimated 225 foreign direct investment (FDI) projects were recorded into Cape Town, representing capital investment of ZAR62.39bn, and the creation of 18 129 jobs (FDI Intelligence, 2016). In 2015/2016 the City was rated highly for its sound fiscal position and prudent financial management by the international credit rating agency Moody’s, achieving the highest possible level of credit quality within the national context by obtaining a long- and short-term Global Scale Rating of Baa2 and Prime -2 respectively. Cape Town regularly receives accolades related to lifestyle, opportunities, service offerings and overall living standards, including; • The Best City in the World (Telegraph Travel Awards, 2015/2016) • Number one Convention City in Africa & Middle East (International Congress and Convention Association, 2012-2015) • Best Airport in Africa and Airport Staff Service Excellence 2010 –2016 (Skytrax, 2010-2016) • Number 1 on the New York Times’ 52 Places to Visit in 2014 • One of the World’s Top 10 Most Loved Cities (CNN) • One of the Top 10 Beaches in the World (National Geographic, 2013) • World’s Best Luxury Entertainment & Lifestyle Destination (Ethisphere, 2015); and • World Design Capital 2014