SOUTH AFRICA – Cape Town International Convention Centre (CTICC) contributed R2.3bn (US$336m) to the country’s GDP this year, according to its CEO.
Since opening its doors in 2003, the centre has helped create a burgeoning convention industry for Cape Town, and South Africa, CEO Rashid Toefy said during the venue’s annual press conference.
“CTICC is not merely an events and meetings venue, but rather a creator and facilitator of opportunities,” he claimed.
In the past financial year, the CTICC achieved net profit of R13m. By 2015, it will contribute to over 8,000 direct and indirect jobs being created per annum, Toefy said.
“CTICC remains committed to its triple bottom line and therefore measures the effectiveness of the business through the criteria of its economic, environmental and social performance,” he said.
A recent study by economist, Barry Standish and economic modeler, Antony Boting of the University of Cape Town’s Graduate School of Business, found that CTICC generated over 1,120,000 delegate, visitor and tourist days in Cape Town in the financial year 2009/10.
“Of these visitor and tourist days generated, 35 per cent comprised of international visitors and delegates,” Toefy said.
