Data provided by iNet BFA
Loading...
See More

Davies: Switzerland key to SA investment

Jun 25 2012 11:05 I-Net Bridge

Related Articles

DTI probes letters backing business in Iran

DTI: Invest in Zimbabwe

DTI: SA should ready for eurozone slowdown

Swiss question 12 banks as LIBOR probe widens

Regulator examines dictators' Swiss assets

Swiss central banker fails to calm scandal

 

Johannesburg – Switzerland is the “key partner” for investment into South Africa‚ says Trade and Industry Minister Rob Davies.

Davies has just returned from an official visit to Switzerland where he held bilateral talks with his Swiss counterpart‚ addressed the Swissmem Industry Day‚ and met with the SwissCham Southern Africa and potential investors.

Davies' message to the Swiss government and business was that Africa is the next growth frontier. However‚ he stressed that in order to realise this‚ the continent needs to prioritise industrialisation and regional economic diversification‚ according to the department of trade and industry (DTI).

During the bilateral meeting with his counterpart Federal Councillor Johann Schneider-Ammann‚ Davies said that the broad-based black economic empowerment (B-BBEE) policy is being refocused towards the development of enterprises as well as skills development.

According to Davies‚ this would contribute towards the national objective of reducing unemployment‚ especially among the youth‚ and the creation of opportunities among black-owned enterprises for growth.

Schneider-Ammann welcomed the refocus of the B-BBEE policy‚ according to the DTI.

Davies said that Switzerland is the seventh-largest foreign direct investor to SA.

“Since 2003‚ Switzerland has invested in about 30 projects in SA‚ with direct investment volume estimated at R17bn over the period 2003-2012.

“Switzerland investment projects in SA are distributed across a broad range of industrial sectors; including financial services‚ metals‚ industrial machinery‚ equipments and tools‚ food and tobacco‚ pharmaceuticals‚ plastics‚ software and IT services.

"In addition‚ investments created an estimated 13 204 jobs in SA‚” Davies said.

The president of SwissCham Southern Africa‚ Georg Umbricht‚ welcomed SA's $2bn contribution to the International Monetary Fund's firewall‚ according to the DTI.

"The world needs Africa for sure in the next 10 to 20 years. We can’t do without Africa and the main motor of southern Africa is SA‚” Umbricht said.

“We are glad that minister Davies has such a strategic view of how to develop trade among the countries of SADC and also on the larger scale.

"We are very confident that there will be more industries coming into SA because of the programmes that are put in place‚” he said.

SA's exports to Switzerland showed an upward trend over the five-year period ending in 2011‚ with the exception of 2010.

Before visiting Switzerland‚ Davies visited the US where he signed a new trade and investment framework agreement aimed at deepening the bilateral economic relationship. The new pact updated the agreement signed in 1999.

 
dti  |  rob davies  |  switzerland  |  trade  |  sa economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Life gets tough for OneRandMan

Life is getting a little crazy for OneRandMan. With all his debit orders and credit repayments taken care of, he has little left to spend on tempting extras.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...