The South African Department of Trade and Industry (DTI) has announced that it will launch the government's new Enterprise Investment Programme (EIP) in July.
The new EIP, announced by Minister of Trade and Industry Mandisi Mpahlwa in his speech on during the budget vote on 28th May, is an incentive grant which comprises of the Manufacturing Investment Programme (MIP) and Tourism Support Programme (TSP). The incentive will be accessible to both local and foreign owned entities wishing to locate their projects in South Africa.
The objective of the MIP is to stimulate investment within manufacturing. Qualifying investment costs would comprise machinery, equipment, land and buildings and commercial vehicles.
The objective of TSP is to stimulate employment and encourage geographic spread of tourism investment. The qualifying activities will be broadened beyond traditional accommodation services.
In addition, the DTI is working with the National Treasury to secure about ZAR5bn (USD627mn) in tax incentives. It is expected that this tax package will be finalised by December 2008, Mpahlwa told parliament in the speech.
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