DTI embarks on weeklong investment mission to Japan

The visit to Tokyo is in line with President Cyril Ramaphosa’s investment drive to attract $100 billion worth of investments into the South African economy over five years.

Deepening economic cooperation is at the core of the Department of Trade and Industry’s (dti) investment mission to Japan which gets underway today.

The dti is embarking on the weeklong trade mission to the island nation with Presidential investment envoy Phumzile Langeni.

The visit to Tokyo is in line with President Cyril Ramaphosa’s investment drive to attract $100 billion worth of investments into the South African economy over five years.

President Ramaphosa appointed four presidential investment envoys in support of government’s investment drive.

Trade and Industry Minister Rob Davies said the mission is to engage and increase the awareness of the sectoral value proposition to Japanese companies - some of whom are already excelling in South Africa and to encourage the companies to both invest and expand in South Africa.

He said it would further deepen the economic cooperation and provide an opportunity for partnerships, joint ventures and supplier development between Japan and South Africa.

“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, amongst others, and finds South Africa as 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,” said Davies ahead of the mission.

South Africa, he said, seeks to derive value from its historically cordial bilateral relations with Japan, as South Africa embarks on industrialization and developing regional value-chains.

The delegation also includes acting Head of Invest South Africa Yunus Hoosen. The delegation will engage with the Japanese government, business federations, Japanese government agencies, banking institutions, as well as current and potential investors.

The mission will conclude on Saturday.

(With inputs from South African Government press release)