The national investment promotion agency of South Africa, Investment South Africa (InvestSA) have signed a Memorandum of Understanding (MoU) with Thailand’s Board of Investment.
InvestSA is a one-stop-shop that promotes, facilitates and follows-up on investments in South Africa by reducing government red-tape and fast-tracking projects.
“One of Invest SA’s objectives is to identify potential foreign investors and attract them to invest in the country, in an effort to grow the economy and create employment opportunities,” Acting Head of ISA Yunus Hoosen said.
Latest statistics say total trade between South Africa and Thailand grew by 24.3 per cent from R24 billion in the first three quarters of 2015 to R29.9 billion in the same period in 2016.
According to Footprint to Africa, the MoU seeks to promote and facilitate cooperation between the two countries on automotive, agro-processing and electronics investments as well as enhance their collaborative efforts to attract investments in the two countries.
South Africa is particularly looking to attract Thai automotive component manufacturers to invest in the Kwa Zulu Natal-based Richards Bay Industrial Development Zone (RBIDZ).
Hoosen expressed optimism that in its implementation the MoU will see Thai investors setting up manufacturing plants in South African creating jobs for South Africans.