Apartheid laws are to blame for South Africa’s alarming unemployment rate. This is according to the Johannesburg Chief Representative of the Bank of Tokyo Mitsubishi UFJ, Mr Yoshiro Yokoi. Yokoi was speaking at the first leg of the pre-TICAD South African Investment Seminars in Nagoya, Japan on 28 May 2013.
Yokoi said that the country is paying dearly because of apartheid.
“If everyone had access to education back then, we would not have this high unemployment rate. Japan should be part of re-building of South African economy, as South Africa has in the past fifteen years, during its democracy made a mark and is now the gate way to Africa,” said Yokoi.
He stated that South Africa, being the only Sub-Sahara country in the Brics group and being a gateway to Africa makes it a sound investment destination for Japanese companies.
According to Yokoi, the Free Trade Agreement that SA has with the SADC countries, could benefit Japanese companies that are interested in doing business in the region, because it provide access to more than 200 million consumers. Yokoi used the example of Chinese companies that established themselves in South Africa in order to export into the region.
“The country’s warm reception of foreign investors its policies, and incentives makes it easy for foreign companies to access the opportunities in the country," added Yokoi.
Investments opportunities in South Africa, according to the dti’s Charles Manuel, ranges from Agro-processing, business process outsourcing and IT enabled services, Consumer goods, Boatbuilding, Automotives and components, Green economy industries, Advanced manufacturing, Tourism and Electro Technical sectors, areas some of which Japan has enormous strength.
Manuel indicated that the challenges experienced by SA’s economy are not unique, and that as a country we are building an inclusive economy, centred around our Industrial Policy Action Plan. The next pre-TICAD investment seminars will be held at Osaka and Tokyo tomorrow and Thursday respectively.
The seminars are as a result of the Minister of Trade and Industry, Dr Rob Davies, visit to Japan last year to enhance and deepen trade and investment relations with Japanese business, government and financial institutions.
Following Minister Davies visit to Japan, the department of Trade and Industry signed a Memorandum of Understanding (MOU) with the Bank of Tokyo-Mitsubishi, Mitsubishi UFJ Financial Group (MUFG) earlier this year. The aim of the MOUs is to increase foreign direct investment from Japan into South Africa. The current investment seminars in Japan are being hosted by Department of Trade and Industry in partnership with The Bank of Tokyo-Mitsubishi United Financial.
Meanwhile, South Africa will also participate in the African Fair 2013 that is scheduled to take place during the Tokyo International Conference on African Development (TICAD) V Summit. The Fair is the biggest business event related to Africa in Japan and aims to promote African exports to Japan by exhibiting African products and by encouraging bilateral business interactions between Africa and Japan.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Cell: 079 492 1774
Tel: 012 394 1650
E-mail: MSMedupe@thedti.gov.za
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