THE Gauteng Economic Development Agency (Geda) is Gauteng's official economic, investment and trade promotion agency. It identifies and markets investment opportunities in the province and responds to requests for assistance from potential local and foreign investors. The organisation also hosts regular outward missions, and provides local industry with opportunities to bid for local and international tenders, with specific emphasis on the European market in the engineering parts industry.
According to Gauteng Finance and Economic Affairs MEC Jabu Moleketi's statement in his June 2002 budget speech, Geda facilitated investments of R610m which led to new jobs of 1,710. The target set for Geda in 2002-2004 has been increased from R500m to R1,500m with a 20/80 ratio in favour of favour investment.
Geda's activities take their lead from three thrusts that form the basis of the Gauteng Government's economic strategy. These are:
- the re-alignment of the manufacturing sector away from traditional heavy industry input markets and low value-added production towards sophisticated, high value-added production, as well as the development of other high value-added production activities in the agriculture and mineral sectors.
- the development of the province as the smart center of the country with specific emphasis on information technology, telecommunications equipment, research and development and bio medical industries.
- the development of the finance and business service sector with specific emphasis on financial services and technology, auxiliary business services and technology, corporate head office location and business tourism.
Geda is an autonomous organization, funded totally by the provincial government. It is run by a professional team under the direction of a CEO, who is answerable to a board of ten directors under the chairmanship of the Member of the Executive Council: Finance & Economic Affairs. The agency was rated the best provincial investment agency in South Africa by a panel of top business and government leaders.
Services
Project facilitation
It can assist in setting up a first contact, chairing initial meetings, arranging subsequent meetings, organizing initial secretarial services, networking and creating an environment in which potential partners can reach a common understanding.
Project implementation and operation
The team can assist in the identification of local or international consultants or institutions that provide support in the fields such as business development and land acquisitions.
Finding investment and trade partners
The agency can assist in identifying local or international business partners that meet the necessary business requirements of the project.
Assist in raising funds
While Geda is not primarily a venture capitalist, the Agency can assist investors in raising the necessary finance for investment projects that fall within its area of focus. Such assistance is conditional on the project being approved by the agency, and on the necessary feasibility/market research having been completed.
Sourcing information
The GEDA team can assist in sourcing information crucial to a project's success. This may take the form of technical theses, information brochures, contracted in-depth studies, or contact with relevant authorities in specific fields.
Work permit applications
Once a project has been approved and it is established that local personnel cannot be used in key positions and that international personnel are therefore required, Geda can assist in applying for the necessary work permits.
Finding appropriate sites/properties
It has a good knowledge of the property market in Gauteng, and can assist in finding the most appropriate and suitable locations for investors.
Incentive applications
There is a wide array of incentives available to investors from the Department of Trade and Industry, municipalities and institutions. Geda can assist in identifying the most appropriate incentives and in completing in the necessary applications for projects that qualify.
Temporary offices
Geda offers the investor the opportunity to set up a pilot operation with in-house facilities such as telephones, faxes etc until such time as the company is ready to move out into the industry in which they operate.
Gauteng Tourism Authority (GTA)
The GTA's mission is to stimulate, co-ordinate and facilitate sustainable tourism development and marketing of the Gauteng Province. It's objective is to create a world-class destination that will attract tourists, business people and all other visitors, contribute to the province's economic growth and benefit the communities.
The Gauteng Provincial Government's commitment towards the transformation of tourism in the province has led to the establishment of a Tourism Development Fund which must be used for the development or empowerment of previously disadvantaged persons or communities in the tourism industry.
It is envisaged that the fund will be used for enhancing the level and quality of community participation in tourism in a manner that will unlock private sector commercial interests and promote responsible development.
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