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South Africa, Japan Sign Investment MOU

by Lorys Charalambous, Tax-News.com, Cyprus

20 February 2013


On February 19, the Department of Trade and Industry (DTI) and the Bank of Tokyo-Mitsubishi UFJ signed a Memorandum of Understanding (MOU) that will see the two parties collaborate to increase Japanese investment into South Africa and strengthen relations between the two countries.

The MOU has arisen out of a visit to Japan by the South African Trade and Industry Minister Rob Davies last year, where both parties agreed to collaborate in the area of boosting Japanese investment into South Africa.

DTI Director General Lionel October, who witnessed the signing of the MOU, said that South Africa had seen an increase in Japanese investment into the country, citing Toyota as an example of one of the companies that has invested and grown its business in the country.

“We now want to expand, using South Africa as (Japan’s) base into the African continent. We want to cooperate in terms of exports into the continent as a joint venture between South Africa and Japanese companies,” October continued.

The MOU also seeks cooperation in the area of platinum beneficiation, where South Africa is looking to establish two special economic zones to beneficiate platinum into fuel cells, coins and jewelry. “The Japanese are the world leaders in platinum beneficiation, so we are hoping to cooperate on that,” added October.

The agreement, which has no time limit but will be assessed on an annual basis, also looks at technical assistance and financial support in rail and infrastructure projects.

TAGS: South Africa | tax | business | law | excise duty | agreements | manufacturing | memorandum of understanding (MOU) | import duty | construction | Japan | Africa

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