BEE IS THE NAME OF THE GAME – MASINA TELLS POTENTIAL CHINESE INVESTORS

BEE IS THE NAME OF THE GAME – MASINA TELLS POTENTIAL CHINESE INVESTORS

The Deputy Minister of Trade and Industry, Mr Mzwandile Masina has told Chinese potential investors that if they would like to invest in South Africa, they should know that Broad Based Black Economic Empowerment (BBBEE) is a critical aspect to them seizes available opportunities in the country. Masina was speaking at a gala dinner hosted for South African and Chinese businesspeople in Shanghai, as part of the South African Expos currently underway in the Chinese commercial hub.

“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 Masina.

He advised Chinese businesspeople to approach government if they need guidance in terms of compliance with BBBEE regarding their choice of partners. He said government’s intention was to make conditions favourable to attract foreign direct investment into South Africa.

“We want to make South Africa your home away from home but you need to comply with our regulations,” added Masina.

Masina 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 these investors and said the South African government was willing to assist them to set up in the country.

The Chairperson of Qingdao Hanhe Cable Company which manufactures power cables for transmission and distribution of electricity, Mr Zhang Huakai said his company wanted government assistance with regards to finding a local partner. Huakai said his company intended building a manufacturing plant for high voltage cables in the country.

Masina will visit the Shanghai Free Trade Zone and the Zhanjiang High-Tech Park today.