Mumbai: South Africa plans to offer special incentives to tap investment from India in the special economic zones being promoted across each of its nine provinces. The country currently has four Industrial Development Zones, primarily focusing on exports.
The South African government had already announced various incentives to attract investment, but it is studying various models adopted by different countries, including China and India, to woo more investment.
Speaking to the media here after a round table with Indian investors, Elizabeth Thabethe, the country’s Deputy Minister for Trade and Industry said it will choose the best practices adopted by each country to arrive at a comprehensive plan to promote investment in the special economic zone, which would focus on boosting domestic demand.
Trade relations between the two countries got a fillip after Coal India and South Africa’s Department of Trade and Industry recently decided to team up to explore mutual prospects in the coal sector. “As a precursor to attract investment, our Government is planning to invest $4 trillion to develop infrastructure across the country,” she said.
Trade target
She said South Africa and India have already surpassed the trade target of $15 billion set for 2015, and a new target would be fixed in the coming days.
Indian companies have invested about $7 billion in South Africa, while South African countries have investments of $610 million in India.
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