TEDA is supporting and guiding businesses in the City of Tshwane that are struggling to access funds from the government; helping them survive the pandemic.
Tshwane, South Africa (26 June 2020) – The Tshwane Economic Development Agency (TEDA) has pivoted its focus in 2020 towards helping local businesses to sustain themselves in various industries during the prevailing uncertain Covid-19 environment.
TEDA is supporting and guiding businesses in the City of Tshwane that are struggling to access funds from the government.
“As TEDA we have decided to act promptly and quickly to assist businesses to access support from government relief funds and how to practically respond to challenges posed by the lockdown. The negative impact of the coronavirus pandemic in various industries will be felt for a long time,” says Solly Mogaladi, CEO of TEDA.
Mogaladi says “TEDA has no option but to contribute meaningfully to sustain local businesses. We believe that through innovation and an integrated approach we can help save Tshwane businesses. A lot of investment has been made into our city and its industries, creating thousands of much-needed jobs. We will continue to focus on supporting businesses to sustain themselves and hopefully survive.”
TEDA’s investment pipeline has a total of 35 projects with a total investment value of R27 billion which are from various sectors that include automotive, energy, ICT, agro-processing and property development. With committed investments of R2.1 billion and counting, TEDA has surpassed its 2019/20 target of R1.8 billion. These achievements just further cement the importance of TEDA’s role in the local economy. This success builds on consistent clean audits for the past three years and excellent delivery on its mandate of investment attraction, development facilitation, export promotion and development.
The Agency has been a key part of coordinated efforts in the City of Tshwane to address business continuity and the way forward. The Capital City of South Africa is the home of investment in several economic sectors, such as automotive, agro-processing, mining, aerospace and defence, green economy, ICT and tourism.
Tshwane’s rich heritage and cultural diversity attracts tourists from different corners of the country and the world. But the lockdown has meant that the City’s tourism and related sectors have been at a standstill. One practical step that TEDA has taken is to host virtual seminars in the hospitality industry and trying to guide them on how to survive COVID-19 pandemic. TEDA has participated in several webinars, including those focused on post-COVID-19 tourism future and a virtual conference on events innovation.
“The global investment climate has worsened due to the Covid-19 pandemic. Now more than ever before, it is crucial for South Africa to establish ‘new ways’ of doing things, including innovative means to invest in our own local businesses to ensure that our economy can survive,” concludes Mogaladi.