Mayoral committee member of economic development and tourism, Simon Grindrod has announced his department's support for a private sector initiative which is proposing a R4bn investment into the Cape Flats.

The proposed multi-billion rand investment will take the form of a Formula One race track, as well as a commercial and industrial park that would see thousands of jobs being created for the surrounding poorer communities.

The development envisages a site adjacent to Cape Town International Airport and includes land owned by Acsa, the city and the province.

Grindrod, whose portfolio is tasked with creating private sector investment and jobs, said: "I believe that Cape Town would benefit enormously from securing a world-class Formula 1 race track on land that largely could not be used for housing due to its close proximity to the airport.

"The fact that Bernie Ecclestone has offered such a facility to South Africa is an enormous opportunity. Cape Town and the province must waste no time in exploring the feasibility of this project before a city like Durban snaps it up."

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