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Japan Remains a Strategic Investor in South Africa – Deputy Minister Magwanishe

The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says Japan remains a strategic and important long-term investor in different sectors of the economy both in South Africa and the rest of Africa. Magwanishe was speaking during the breakfast engagement with Japanese investors hosted on the sidelines of the Tokyo International Conference on African Development (TICAD) VII Ministerial meeting, currently taking place in Tokyo, Japan.

The networking breakfast was attended by Chief Executive Officers, chairmen and presidents of Toyota, Toshiba, Marubeni, Chiyoda Corporation, Nippon and Kagome as well ministers from African countries, such as Cote D’Ivoire, the Democratic Republic of Congo, Madagascar, Egypt, Mauritius and Senegal.

“Japan has over the years invested in the automotive sector, Information and Communication Technology (ICT), and as South Africa we will continuously cooperate and work with them for future investments. With that said, there are still vast opportunities for them to invest and collaborate with us in productive sectors like energy, agro-processing, ICT and skill development,” said Magwanishe.

Magwanishe assured investors that the land issue will be addressed following legal processes and public comment. He said the process will be transparent and done in a responsible manner that won’t pose a threat food security in South Africa.

“South Africa has 60% of land that is not cultivated, and this is an area where we can work together not only to export raw materials but move up the value-chain. InvestSA, a division of the dti also has a memorandum of understanding and partnership with the major Japanese banks to facilitate investments into the country,” he said.

Magwanishe also congratulated Sumitomo rubber industries on the R970 million launch of their truck and bus tyre plant in Ladysmith, and Tokyo Marine’s acquisition of a 22,2% stake in Hollard Insurance in South Africa for R5 billion.

He also extended an invite to potential investors to attend the planned Presidential Investment Conference that will take place this month.

Magwanishe also said TICAD remained an important strategic partnership of the African Union, with the potential to support African countries to industrialise their economies, create sustainable, inclusive growth and, with it, sustainable employment opportunities and a better future for their people, thus also having the potential to contribute significantly to fulfilling the aspirations of South Africa’s National Development Plan priorities.

Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
Issued by: The Department of Trade and Industry
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