Cape Town has been named Africa's top destination for foreign investment

folarin okunola

January 6, 2017 3:33 PM

Cape Town sits at the 21st spot on the global list and it's the only African country listed

Electricity pylons carry power from Cape Town's Koeberg nuclear power plant, South Africa August 13, 2015. REUTERS/Mike Hutchings/File Photo

The Foreign Direct Investment (FDI) Intelligence Unit of the Financial Times has ranked Cape Town as one of the top destinations for foreign investment in their Global Cities of the Future list for FDI strategy.

Cape Town sits at the 21st spot on the list and it's the only African country listed (Maybe we Nigerians can slow down on all that foreign Dollar noise now). Other cities on the list include Edinburgh, Hong Kong, and Chicago.

"This accolade is indeed a massive feather in Cape Town’s cap as it recognises all the ongoing efforts being made by the City and its private sector partners to ensure that Cape Town is on the international map for business and investment.

"Attracting investment has been part of our strategy since 2006 where we set out to engage with the international community to promote Cape Town as an ideal place to invest in so that we can create much-needed jobs for our people," said Cape Town's Executive Deputy Mayor Ian Nelson.

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"The City contributes to economic growth by providing stable governance, clear policy direction, delivery of infrastructure, support services, investment promotion, facilitation, economic research and striving to reduce the administrative burden of doing business. Encouraging investment is one of the key features of our City development strategy.”

Judging by this ranking Africa, and especially Nigeria, has a long way to go in terms of attracting Foreign Direct Investment to the continent.

Hopefully, 2017 will be a better for both foreign and local investment in tech on the African continent.

folarin okunola