Gauteng hails R1bn G20 boost, eyes more global events.

The recent G20 Summit held in Gauteng has proven to be a resounding success, generating over R1-billion for the province. This impactful revenue boost has served to showcase Gauteng’s capability in hosting high-profile international events and positions the province for further economic advancement through future gatherings.

Finance MEC, Lebogang Maile, announced this impressive figure while presenting the province's Medium Term Budget Policy Statement and Adjustment Budget to the Gauteng Legislature.

A proud Maile emphasised that the economic implications of such world-class events extend beyond mere financial gain, positively impacting sectors such as tourism, hospitality, and local businesses.

"By welcoming the G20 visitors into the province and successfully hosting them, Gauteng has once again demonstrated its capacity and strength for facilitating high-quality events," stated Maile. He highlighted that the R1-billion generated is a crucial financial injection for public services, especially during a time when Gauteng faces significant resource constraints amid growing population demands," he stated.

As a result, building on the momentum established by the G20 Summit, Maile indicated that the province is poised to leverage its infrastructure and expertise to host more prestigious events. Among the forthcoming attractions is the highly anticipated Liv Golf tournament, which Maile believes will further bolster the province's reputation as an ideal venue for international gatherings.

The MEC articulated that the hosting of these significant events is part of a broader strategy to generate sustainable revenue, create job opportunities, and ensure Gauteng continues its upward economic trajectory as the country’s economic hub.

Central to this vision is a comprehensive 10-point strategy focused on key areas such as re-industrialisation, trade promotion, spatial transformation, economic infrastructure development, and entrepreneurship support. This strategy is underscored by 12 sector master plans aimed at driving policies that facilitate sustainable business growth.

Naile elaborated on initiatives including the Township Economy Development Act, the Informal Business Upliftment Strategy, and the Trade and Investment Strategy, announcing that the Department of Economic Development is currently advancing numerous sector roundtables, paving the way for the establishment of 12 Sector-Specific Action Labs. This collaborative approach will reinforce Gauteng's position as a dynamic centre for growth.

As the province strides forward, leveraging the lessons learned from hosting the G20 Summit, it remains focused on harnessing further opportunities to enhance its economic landscape and improve the livelihoods of its residents through strategic initiatives and high-profile events.

"Our strategy is supported by 12 sector master plans to enable policies and strategies which include, amongst other things, the Township Economy Development Act (Township Economy Revitalisation Strategy), the Informal Business Upliftment Strategy, the MSMEs Strategy, the Trade and Investment Strategy, and the Green Hydrogen masterplan. The Department of Economic Development is currently hosting several sector roundtables, which will culminate in the establishment of the 12 Sector-Specific Action Labs," he added.