The highest ranking South Africa in the sub-Sahara Africa by the international community and organisations makes it a better place for foreign companies to invest. That was said by the Deputy Director General of the Department of Trade and Industry (the dti), Ms Pumla Ncapayi. She was speaking at the second leg of the pre-TICAD Investment Seminars in Japan, the seminars are organised jointly by the dti and the Bank of Mitsubishi UFJ.
“The fact that the World Economic Forum’s Global Competitiveness Index, ranked South Africa 1st in the strength of auditing and reporting standards, 2nd in the soundness of banks and is 50th in the overall ranking out of 142 countries and 2nd of all the Brics economies makes us a better destination for doing business”, said Ncapayi.
Ncapayi told the gathering that South Africa and Africa as the emerging economies have more to offer, more so that the World Bank has projected a stable economic growth for the continent. She stated that investors who come to South Africa will benefit as Africa is projected the next big story after India and China.
“For us as country, the projection by the World Bank is guided by the diversified Industrial sectors, open economy, sound business cases for investments and profits and the fact that we are a gateway, not gate keeper to Africa. Lastly, we are at an advanced stage of establishing a Free Trade area which would include 26 East and Southern African member states with a gross domestic product of $624-billion’, she added.
According to Ncapayi, South Africa offers various incentives for companies that want to do business in South Africa and the Japanese companies are more than welcome to access these incentives.
Ncapayi noted that Japan has 108 companies in South Africa and has created more than 150 000 jobs.
The seminars are part of the implementation plan envisaged by the Memorandum of Understanding (MOU) signed between the Department of Trade and Industry and the Bank of Tokyo-Mitsubishi, Mitsubishi UFJ Financial Group (MUFG) in February 2013.
The investment seminars are aimed at increasing Foreign Direct Investments from Japan to South Africa by creating awareness of opportunities in South Africa and conveying critical aspects of SAs business climate.
The last pre-TICAD investment seminar will be held at Yakohoma tomorrow.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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