South Africa and Japan have deepened their investment relationship with the signing of a memorandum of understanding (MoU) over the weekend.
The MoU was signed between InvestSA acting head, Yunus Hoosen, and Japan External Trade Organisation (Jetro) executive director, Hiroyuki Nemotom, on the side lines of the 2016 Tokyo International Conference of African Development (TICAD), held in Nairobi, Kenya on August 27- 28.
The Minister of Trade and Industry, Dr Rob Davies, said that the MoU would seek to promote and facilitate the increase of investments from Japan into South Africa.
“As part of the MoU, Jetro will establish the Jetro Business Square – a physical space for potential Japanese investors to promote their investments in South Africa and Africa,” said Davies. In turn, InvestSA will set up a Japan desk at its premises.
According to the dti, InvestSA will provide investment information and facilitation service to Japanese investors.
Davies said the number of Japanese companies in South Africa had increased over the past two years to 140, employing 150 000 people. “Companies such as Toyota, Nissan and Isuzu have retained and expanded their operations,” he said.
