New initiative to attract

The Department of Trade and Industry (dti) is stepping up efforts to encourage more investment

in South Africa by local and foreign companies and is rolling out an inter-departmental clearing house New initiative to attract.

 The clearing house will report to a strategic investment body based in The Presidency to be called Invest SA.

Both bodies are still in the process of being set up. Together the two units will encourage private-sector investment,

which is part of government’s Nine-Point Plan to revive economic growth, which was announced by President Jacob Zuma in his State of the Nation address in February.

First port of call Head of Investment Promotion and Inter-Departmental Clearing House at the dti, New initiative to attract

Yunus Hoosen, told PSM that the aim is for the investment clearing house to act as a first port of call for both local and foreign investors.

Investors will get assistance with things like environmental certificates,

visas, work permits and licences, in addition to help with the sourcing of suppliers,

importing inputs, putting in place joint ventures and connecting with black industrialists.

Hoosen said the investment clearing house would build on the success of Trade

and Investment South Africa (TISA) but would adopt a more focused approach to investors.

“The whole sense of this is to respond faster, to get things done quicker and to provide that service to investors,” he said.

It would intervene at all levels from municipalities to government departments.

Improving investment climate and competitiveness He said the investment clearing house would form the back office for Invest SA, which would look at improving the country’s investment climate and competitiveness.

Commenting on the progress of setting up Invest SA Bheki Mfeka, President Jacob Zuma’s economic advisor, said a concept document had been developed and workshops had been held in July with members from both the private and public sector.

The body will act as a coordinating council chaired by President Zuma and will meet either quarterly or twice a year. Mfeka, who expected the body to be up and running

by June 2016, said that once a decision had been taken by Cabinet, a project leader would be appointed to set up the body.

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