Zuma launches Invest SA
PRESIDENT Jacob Zuma launched “Invest SA – One Stop Shop (OSS)”, at a meeting with business leaders, labour and key government officials held in Cape Town yesterday.
Zuma’s message was clear, South Africa is open for business and the government is committed to creating an investor-friendly environment by reducing red tape and administrative hurdles to support the initiative.
Invest SA falls under the Department of Trade and Industry (dti); and will provide a one-stop shop service to investors, offering investment promotion, facilitation and after care, all geared at fast tracking projects and reducing government red-tape.
“Invest SA will facilitate the increase in quality and quantity of foreign and domestic direct investment by providing an investment recruitment, problem solving and information service to retain and expand investment in South Africa and Africa”, Zuma explained.
OSS will be the focal point to contact the government, it will significant shorten and simplify administrative procedures and guidelines for issuance of business approvals, permits and licences and thereby remove bottlenecks faced by investors establishing running businesses. OSS would be rolled out across the country over the next three years, Zuma said.
Zuma emphasised the fact that “South Africa has an advanced financial services sector and is number one in raising finance through the local equity market; South Africa also ranks number two in soundness of its banks”.
Zuma reflected on various successful investments made by foreign investors in South Africa over the past few years, such as Johnson & Johnson, which upgraded a manufacturing plant and invested R300 million and employed 550 people. ACWA Power from Saudi Arabia established a 50MW solar plant and invested R5 billion, creating 70 permanent jobs.
Summit Rubber invested R2bn in a tyre factory and the plant is expected to employ 1 200 people. Mpact launched a PET production plant, invested R350m and employs 1 085 people.
Cipla announced its intention to invest R1.3bn in construction of a bio-tech manufacturing facility, and is expected to employ more than 300 people.