Investors urged to comply with BEE

OCTOBER 28, 2014

Trade and Industry Deputy Minister Mzwandile Masina has invited Chinese business to invest in South Africa, while embracing the country’s Broad-Based Black Economic Empowerment (B-BBEE) policy if they plan to seize the available economic opportunities.

“We are encouraged by the interest shown by the Chinese businesspeople to invest in South Africa. We welcome investments that will result in an inclusive economy and contribute to the creation of jobs.

“I urge you to take up opportunities in South Africa that are presented by programmes such as the R800 billion infrastructure roll out and Special Economic Zones (SEZ) programme, but remember BEE is the name of the game,” said the Deputy Minister.

The Deputy Minister was speaking at a gala dinner in Shanghai. The dinner formed part of the South African Expos in China.

Deputy Minister Masina said government’s intention was to make conditions favourable to attract foreign direct investment into South Africa, while further advising Chinese businesspeople to approach government if they need guidance in terms of compliance with BBBEE regarding their choice of partners.

“We want to make South Africa your home away from home but you need to comply with our regulations,” said the Deputy Minister.

He earlier had one-on-one meetings with potential investors and importers to establish the intentions of importing from and investing in South Africa.

He welcomed such investments and pledged support for them.

The Deputy Minister arrived in China earlier this week where he is leading a delegation of 51 companies on the fourth leg of the South African Expos in China.

The expos focus on South Africa’s top 10 value added products and investment projects, and seek to promote engagements, enhance exports and to increase market penetration into China.

The expos kicked off on 20 October with the delegation having being led on the first leg of the trip by the Director-General of the dti, Lionel October. Minister Rob Davies will be part of the last leg of the expos.

Participating companies in the expos are in the sectors of agro-processing, chemicals, plastics, steel and aluminium, among others. -

Photo caption: Deputy Minister Mzwandile Masina.