[South Africa] Encouraging new investment in the economy is government key priority, Trade Director

speaking at the Mizuho and Standard Bank meeting held in Rosebank, Gauteng, the Director-General of the Department of Trade and Industry (the dti) Mr Lionel October said that a key priority of government is to encourage new investment in the economy in order to create jobs that will significantly reduce the current levels of unemployment in the country.  

“It is through these discussions and engagements with our trade partners like Japan that we, as the South African government, are able to understand what motivates, energises and concerns investors. It is also through these discussions and engagements that investors are able to get greater insight into government’s plans and prospects,” said October.

He added that in terms of trade, Japan is amongst the largest and most industrialised economies in the world, and traditionally one of South Africa’s key established trading partners. 

“Japanese companies are also involved in skills development and their focus is on sustainable business models, hence, over the years we have seen an increase in the number of Japanese companies investing in South Africa and the expansion of existing ones,”  said October.

He added that between January 2013 and October 2018 a total of 20 companies from Japan invested in South Africa representing a total capital investment of more than R13.3 billion. He said in total, according to the Japanese Foreign Affairs Ministry, there were 282 Japanese companies currently operating in South Africa.

Japan is the 9th largest foreign investor in South Africa and total trade between the two countries has been around R93 billion over the past five years, with South Africa enjoying a trade surplus over this period. By the end of 2017, Japan was South Africa’s 3rd largest trading partner in the world after China and the United States of America.

www.thedti.gov.za