On Saturday, 25 February 2023, Cape Town will host Formula E, officially the ABB FIA Formula E Championship, the world’s first fully electric street racing series, which local authorities say will generate a R2.13 billion economic impact.
The Western Cape MEC for Finance and economic Opportunities, Mireille Wenger says the City of Cape Town and province continually demonstrate that they are destinations of choice where public and private sectors collaborate to deliver successful major events which have a direct impact on the local economy and related industry sectors.
Wenger has welcomed the impressive expected economic impact of this event.
“The demand for a green, more resilient future has never been greater, for the world and for South Africa. The R2.13 billion in direct and indirect economic impact generated by this event in the first year, including R481 million in global destination exposure, is very welcome, especially in these challenging times. The benefits of this event, and many like it, go beyond a once off economic boost. The Formula E will be hosted in Cape Town for the next 10 years and will also provide a perfect platform to boost sport tourism to the province.”
Wenger says the staging of the event will also provide a catalyst for the Western Cape Green Economy and provide a platform for global, African, and local green economy players to meet on an annual basis to identify opportunities to support business and drive job creation.
The MEC of Cultural Affairs and Sport Anroux Marais says the event not only showcases important environmental matters that need to be considered for all sporting events, but it also offers people of the province the chance to come together to support an exciting new race.
“We have seen the benefits of sport for mental and physical wellbeing, and we believe that this event is another one that can be added to our ever-growing list of annual events that bring people together in a shared space.”
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