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Japanese investment encouraged

Japanese investment encouraged

Pretoria – The Department of Trade and Industry (dti) has urged Japanese companies to choose South Africa as a preferred investment destination.

“The fact that the World Economic Forum’s Global Competitiveness Index ranked South Africa first in the strength of auditing and reporting standards, second in the soundness of banks and is 50th in the overall ranking out of 142 countries and second of all the Brics economies, makes us a better destination for doing business,” said dti Deputy Director General, Pumla Ncapayi.

The deputy director was speaking on Wednesday at the second leg of the pre- Tokyo International Conference on African Development (TICAD) Investment Seminars held in Japan. The dti, in partnership with the Bank of Tokyo-Mitsubishi United Financial of Japan (UFJ), is hosting the seminars.

According to Minister Rob Davies, the seminars — which began on Tuesday and will today — will give South African businesses a chance to have bilateral interactions with their Japanese counterparts.

Ncapayi said that South Africa and the continent as emerging economies have more to offer, more so that the World Bank has projected stable economic growth for the continent.

“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.

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 Investment from Japan to South Africa by creating awareness of opportunities in South Africa and conveying critical aspects of South Africa’s business climate.

The last pre-TICAD investment seminar will be held in Yakohoma today.

TICAD V will take place in Yokohama from 1 – 3 June. – SAnews.gov.za

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