S Africa invites Indian investment

Written by Press Trust of India | New Delhi | Updated: Mar 30 2011, 06:24am hrs
South Africa on Wednesday invited investments from India mainly in the manufacturing sector as the African nation has announced tax benefits to the investors in this area.

South African deputy minister for trade and industry Elizabeth Thabethe said that President Jacob Zuma has announced tax breaks to promote investments in the manufacturing sector.

India and South African companies can establish successful partnerships (in this sector), Thabethe said at a PHD chamber function.

Thabethe is in India with 35-member business delegation for South Africa-India International Trade and Investment initiative.

The President has announced the 20 billion Rand in tax allowances or tax breaks to promote investments, expansions and upgrades in the manufacturing sector, she said.

She said that South Africa is committed to deepen its strategic and economic partnership with India. In the recent years, we have seen a dramatic escalation in the participation of major Indian companies in South Africa, she added.