tHis Township Economy Conference and Expo are set to highlight the major impacts and untapped possibilities of South Africa's township economy. As the backbone of local commercial transactions, township businesses play an important role in driving economic growth and community development.
Recent research estimates the economy of South African towns is worth around R100 billion a year, highlighting its important contribution to GDP across the country. Home to millions of South Africans, the township is a bustling hub of entrepreneurial activity and innovation. From informal traders and small manufacturers to service providers and high-tech startups, township businesses are a vibrant and vital part of the country's economic fabric.
Important Highlights: Economic Contributions: Township businesses have made a significant contribution to job creation, with millions of South Africans making their living from these businesses. The informal sector alone employs around 2.5 million people. Market Size: Purchasing power within the township is large, and estimates suggest that the consumer market is worth billions. This provides a lucrative opportunity for businesses and investors to engage in rapidly growing markets. Innovation and Resilience: Despite facing many challenges, township entrepreneurs exhibit responsive resilience and creativity, often developing innovative solutions to suit the local context. Government and private sector support: The need to support the township economy through targeted policy, investment and infrastructure development is increasingly recognized. Initiatives aimed at improving access to finance, training and market access are gaining momentum.
“The township economy is a key and dynamic component of South Africa's overall economic situation. Liz Hart, Managing Director of Township Economies Conference & Expo, said: “Our conferences and expositions aim to bring together stakeholders to discuss strategies to unlock this possibility and ensure sustainable economic empowerment for township communities. The numbers speak for themselves – the economy of South African towns is a powerhouse of opportunity. By promoting an environment that supports these businesses, we can promote innovation, create jobs and raise communities.”
For more information, please see https://townshipconomies.co.za/