City of Cape Town to explore night time economy opportunities
The Cape Town council is considering the potential opportunities associated with the night-time economy in the city centre and surrounding areas, mayoral committee member for economic opportunities and asset management James Vos said on Wednesday.
Efforts to grow the night-time economy (NTE) have been gaining traction in some of the world’s most prominent cities, with the concept seen as a catalyst for increasing a city’s attractiveness, developing its cultural offering and creating jobs.
Vos said the city's enterprise and investment department, the University of Cape Town and the Central City Improvement District (CCID) had formed an NTE working group which had been developing and sharing knowledge.
A study was being planned to determine the potential economic outputs and job creation opportunities offered by the NTE, both directly and indirectly.
"Depending on the results, my team will develop an action plan for implementation consisting of cross-cutting responsibilities. I am confident that the NTE holds the key for economic growth and employment opportunities," Vos said.
He said research conducted in several major cities had revealed the value and NTE economic spinoffs made by restaurants, taxis, hospitality services and the entertainment sector.
"I am also of the view that Cape Town will benefit from this approach as it will diversify leisure and commercial activities, become a source of employment and additional revenue for the city, while boosting tourism," Vos added.
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