ga('send', 'pageview');

South African Economy Rakes $499m from Cape Town Film Studios

By Modupe Gbadeyanka

About R6 billion ($499.3 million) has been contributed to the South African economy by the Cape Town Film studios, the chief executive has Mr Nico Dekker.

Mr Dekker made this disclosure during a site visit to the Cape Film Studios in Cape Town by the Portfolio Committee on Trade and Industry.

The Motion Picture Association of America (MPAA) invited the Portfolio Committee to the set of the Warrior television series which is currently shooting at the Cape Town Film Studios in an effort to showcase their high-profile project.

ALSO READ  Heritage Bank Reaffirms Commitment to Showbiz Industry

Mr Dekker said since December 2010 the direct investment and economic impact of productions hosted by the studios led to 47,044 jobs being created and the South African production expenditure amounted to R2 billion in the same period.

“The overall contribution the studios made into the South African economy is R6 billion. The manufacturing process at the studios opened doors to a wide range of artisans that normally do not have access to the movie industry.

ALSO READ  33 Export Takes Friendship Party to Owerri

“This created significant empowerment to carpenters, painters, builders, garment workers, metal workers, landscapers and horticulturists,” said Mr Dekker.

Business Post reports that the Acting Chairman of the Portfolio Committee, Mr Adrian Williams, said the South African Film and Television Industry continues to attract Foreign Direct Investment from Hollywood’s major studios and creating employment for the services sector despite the economic challenges that South Africa experiences.

ALSO READ  Nigerian Breweries Sponsors 3rd Lagos International Poetry Festival

Mr Williams said the portfolio committee not only wanted to oversee the work done by the Department of Trade and Industry (the dti) in the film and television industry, but also wanted to see returns on investment through employment created and transformation achieved as a result of the incentive that the companies receive from the department.

Related Articles

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

more recommended stories

%d bloggers like this: