Keen interest from
Japanese banks to
support their clients
on the ground in
South Africa.
President Zuma in Japan
SA, Japan
push
investment
D
uring President Zuma’s visit to Japan in June, Mizuho
Corporate Bank Ltd signed a cooperation agreement
with South Africa’s Department of Trade and Industry
to promote and develop economic and industrial cooperation
between the two countries.
Department of Trade and Industry Deputy Director-General,
Pumla Ncapayi, said that the DTI and Mizuho would pool their
information resources to promote investment development
between South African and Japanese companies.
‘A framework is to be established between us and Mizuho to
discuss the most effective means by which to execute the types
of cooperation outlined herein,’ Ncapayi said in a statement.
Mizuho CEO, Yasuhiro Sato, said that agreement would benefit
Japanese businesses doing business in South Africa.
‘We will support Japanese companies as they expand their
businesses into South Africa, support the establishment of joint
ventures with local businesses, and strengthen support in fields
such as mergers and acquisitions,’ Sato said.
This is the third agreement the DTI has signed with Japanese
institutions this year, following agreements with the Japan
External Trade Organization and the Bank of Tokyo-Mitsubishi,
Mitsubishi UFJ Financial Group.
Japan is South Africa’s third-largest export destination and
fifth-largest source of imports. Japanese direct investment
in South Africa has been steadily increasing in recent years,
amounting to nearly R20 billion in 2010.
Addressing the South Africa