The Western Cape province has the fastest growing economy in South Africa and has attracted R100-billion in foreign direct investment under the administration of the Democratic Alliance (DA), premier Alan Winde said on Thursday.

“We have a proven track record in creating jobs. Since the DA was elected in 2009, the province has attracted R100-billion in foreign direct investment," Winde said during the official opening ceremony of the sixth provincial parliament in Cape Town.

"We have generated R1-billion in savings for businesses by reducing 'red tape' in the Western Cape."

Cape Town, the provincial capital, had been named the top financial centre in sub-Saharan Africa, and the region had become firmly established as Africa’s technology hub, Winde said.

“In the last decade, our tourism industry has boomed, with tourists bringing billions into our economy. We are also the events capital of Africa, and look forward to hosting the netball World Cup in 2023," he said.

In the last decade, the provincial government had created more than 500 000 jobs, leaving the Western Cape with the lowest real unemployment rate in the country, he added.

Since 2009, Winde said, the provincial government had spent over R483-million on bursaries, learnerships and internships, providing opportunities for nearly 16 000 young people.