Pretoria - A Memorandum of Understanding (MoU) to promote business ties between South Africa and Japan has been signed on the sidelines of the Tokyo International Conference on African Development (TICAD V), the Department of Trade and Industry (dti) said on Monday.
Deputy Director General of the dti, Pumla Ncapayi, said the two nations will jointly promote suppliers’ development in the automotive sector in South Africa.
This will be done through the facilitation of communication between Japanese automotive manufacturers and South African auto parts suppliers by holding the Suppliers Development Forum and Business matchmaking events.
The department, together with the Japan External Trade Organisation (JETRO), will jointly promote the transfer of technologies for renewable energy and energy efficiency sectors.
“We both recognise the mutual benefit to promote trade and investment between South Africa and Japan, and affirming the significance of the past development of joint activities between us.
“We also agree on the extension and the upgrading of the MoU, which was signed on September 30, 2009, on promotion of business ties between the two countries,” Ncapayi said.
The MOU will remain in force for a period of one year and may be extended automatically on a yearly basis, until terminated by mutual consent or by either party giving the other party 30 days’ written notice.
Promoting African development
The three-day TICAD concluded on Monday with an agreement from leaders from Africa and Japan to promote private sector-led growth in Africa.
Leaders adopted the Yokohama Declaration 2013, which affirms that “the private sector is a vital engine of growth. We will support and strengthen the private sector, promote greater private investment, and improve the investment climate and legal and regulatory frameworks".
Last week, the dti held three investment seminars in Japan as part of the implementation plan envisaged by the MoU signed between the department and the Bank of Tokyo-Mitsubishi, MUFG earlier this year.
The three investment seminars were aimed at increasing foreign direct investment from Japan to South Africa by creating awareness of opportunities that exist in South Africa and conveying critical aspects of SA's business climate.
The signing of the MoUs with JETRO and the Bank of Tokyo-Mitsubishi, Mitsubishi UFJ Financial Group (MUFG) follow Minister Rob Davies’s visit to Japan last year. The aim of the visit was to enhance and deepen trade and investment relations with Japanese business, government and financial institutions. - SAnews.gov.za
