The trade and industry department (dti) embarked on an investment drive to Tokyo, Japan from September 17 to 22.
This was in line with President Cyril Ramaphosa’s investment drive to attract US100 billion in investments into the South African economy over five years and followed the appointment by Ramaphosa of four presidential investment envoys in support of government’s investment drive, the dti said in a statement.
According to Trade and Industry Minister Rob Davies, the objective of the mission was to engage and increase the awareness of the sectoral value propositions to Japanese companies, some of which were already excelling in South Africa, and to encourage the companies to both invest and expand in South Africa.
It would further deepen the economic co-operation and provide an opportunity for partnerships, joint ventures, and supplier development between Japan and South Africa, he said.
“Japan has always been a long-term top 10 investment partner of South Africa. Japan has more than 140 companies operating in South Africa, such as Toyota, Nissan, NGK, Sumitomo Rubber Industries, among others, and find South Africa a regional manufacturing hub into Africa. The delegates will meet with leading Japanese companies operating in various sectors, such as banking, asset management, and automotive, including the original equipment manufacturers,” Davies said.
The dti sought to derive value from its historically cordial bilateral relations with Japan as South Africa embarked on industrialization and developing regional value-chains. Japanese companies in the automotive and chemical sectors were currently investing in and implementing major flagship projects, he said.
The delegation would include the acting head of Invest South Africa Yunus Hoosen and presidential investment envoy Phumzile Langeni. It would engage with the Japanese government, business federations, Japanese government agencies, banking institutions, and current and potential investors, the dti said.
In 2017, the FDI to South Africa fell to $1.3 billion, attributed to an underperforming commodity sector and political instability.