The Department of Trade and Industry (the dti) and Mizuho Corporate Bank, Ltd in Japan, have agreed to promote and develop economic and industrial cooperation between their respective countries. This is according to the cooperation agreement that was signed today during the State visit of President Jacob Zuma in Japan, Tokyo.
“The agreement that we are signing today is informed by the fact that, the dti and Mizuho recognises that development of investment and trade between South Africa and Japan is a continuing concern of both parties. We are both interested in promoting and developing economic and industrial cooperation between our respective countries, namely South Africa and Japan,” outlined the Deputy Director-General of the dti, Ms Pumla Ncapayi.
Ncapayi added that according to the deal, Investment development between South African and Japanese companies would be promoted through the exchange of information on primarily direct investments, and by utilising the information resources of both parties on the activities of private companies in their areas.
'A framework is to be established between us and Mizuho to discuss the most effective means by which to execute the types of cooperation outlined herein in a manner consistent with both our objectives,' stated Ncapayi.
Mizuho Corporate Bank, Ltd. President & CEO, Yasuhiro Sato, said that agreement will benefit Japanese businesses that are doing business in South Africa.
‘We will support Japanese companies as they expand their businesses into South Africa, support the establishment of joint ventures with local businesses, and strengthen support in fields such as Mergers and Acquisitions,’ said Sato.
The cooperation agreement will remain in force for a period of one year. It may be extended automatically on a yearly base, until terminated by mutual consent or by either Party giving the other Party thirty (30) days’ written notice.
Today’s agreement with Mizuho Corporate Bank Ltd, is the third agreement to be signed by the Department of Trade and Industry with the Japanse business institutions this year.
Earlier the dti signed the Memorandum of Understanding (MOUs) with Japan External Trade Organization (JETRO) and the Bank of Tokyo-Mitsubishi, Mitsubishi UFJ Financial Group (MUFG).
The signing of the three agreements follows Minister Rob Davies visit to Japan last year. The aim of the visit was to enhance and deepen trade and investment relations with Japanese business, government and financial institutions.
Minister Davies met with a number of automotive companies (Nissan, Toyota, and Isuzu), a number of other businesses, identified as potential investors, a number of financial institutions, trading houses, METI, JETRO and the chambers.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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