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Summit generated R8bn for SA economy

Sapa, 16 September 2002

An impact report released this weekend has found that R8-billion was generated for the local economy during the UN World Summit on Sustainable Development.

The research, commissioned by the Department of Environmental Affairs and Tourism, was conducted by a team of consultants from the Bureau for Market Research based at the University of South Africa, Iklwa Structured Financial Products, and economists from Urban Econ.

Environment Affairs spokesman Onkgopotse Tabane said on Sunday about 400 delegates attending the summit were interviewed about their expenditure in the country. The 500 parallel events that were held throughout the country as part of the Summit were also analysed.

The 37 000 international delegates who attended the summit spent an average of between R27 000 and R39 000 in South Africa. This was spent mainly on accommodation, transport, food and beverages and other consumable products.

Government's investment in the event was about R449-million. The leverage effect of government's contribution amounted to about R620-million from the private sector, of which about 60% came from international sponsors and donor agencies.

Based on the delegates' spending of about R1,53-billion, and the investment leveraged from the private sector, it was estimated that more than R8-billion was generated for the economy.

The detailed final report will be available by the end of November 2002.