South Africa says it stands ready to support investors looking to come into the country.
“We want to support investors coming into our country and so we established a one-stop shop called Invest SA. When you come in, we provide you with an investment facilitation service and information,” said Trade and Industry Minister Rob Davies on Tuesday.
The Minister was addressing an American business delegation, led by Ambassador Andrew Young, to the Union Buildings in Tshwane.
Minister Davies told the delegation that South Africa provides incentives for investors. “We provide tax incentives for approved investors.”
InvestSA One-Stop Shop lowers the cost of doing business and eases the degree of difficulty in doing business in the country by providing strategic guidance, reducing regulatory inefficiencies and cutting red tape for investors.
President Jacob Zuma launched the national Invest SA One-Stop Shop for investors at the premises of the Department of Trade and Industry in Tshwane in March. This was followed by the launch of the provincial one-stop shop office in the Western Cape in early September.
Currently, over 600 US companies are operating in the South Africa economy in various sectors.
“Those companies are growing. From 2011 to 2017, we’ve recorded about 214 investment projects in South Africa from the United States. They have been in a number of different sectors. Some of them have been in alternative or renewable energy projects. There have also been investments in the mineral sector in South Africa, fast moving consumer goods sector and the communications sector, among others.”
Meanwhile, there are 29 projects by South African companies invested in the United States in sectors such as minerals, fruit and IT services, among others.
What SA has to offer
Minister Davies highlighted to the delegation from the East Coast of the US that South Africa is the most diversified economy on the African continent.
“We have a business environment that is well understood by US companies.”
The country is also pursuing regional integration programmes on the continent, while also supporting countries on the continent’s industrialisation efforts through South African companies investing in those countries. South Africa also offers access to the region.
Meanwhile, government has identified 40 projects that can secure investment.
“We’ve picked out 40 projects for which we think we can secure investments before the end of this term of government, ending in May 2019. Those projects are in various forms of infrastructure development including ICT and broadband rollout,” Minister Davies said.
Acting Head of Investment South Africa (InvestSA), Yunus Hoosen, said there are opportunities for investment in agriculture and the green economy, among others.
The delegation was hosted by Minister in the Presidency: Planning, Monitoring and Evaluation Jeff Radebe.