Take advantage of business opportunities, SA tells Switzerland - Independent Online

Staff Reporter

SOUTH Africa and Africa need skills development to drive the industrialisation required for continued growth on the continent, the minister of trade and industry told Swiss industrialists yesterday.

With the International Monetary Fund putting Africa’s growth at 5.5 percent, industrialisation was needed to ensure sustainable growth and development on the continent, said the minister at the Swissmem Industry Day yesterday.

The minister is on a brief visit to Switzerland where he has had an opportunity to visit Swiss industries and meet his counterpart, Federal Councillor Johann Schnieder-Ammann, head of the Federal Department of Economic Affairs.

The focus of the industry day was new markets and Davies spoke not only of investment opportunities in SA, but in Africa as a whole.

He said things were changing on the continent, and that SA’s contribution to the International Monetary Fund for distressed economies showed just how much they were.

“Africa is on the move,” he told members of Swissmem and diplomats at the event in Zurich.

Swissmem is an association of the Swiss engineering, electrical and metal industries, and related technology-oriented sectors.

Davies said Switzerland and SA had good trade relations and the free trade agreement they had in place could be expanded to include other parts of the continent. If successful, this could give African countries and Switzerland access to each others’ markets.

The SA government saw the need for industrial development to drive job creation and was taking action through the establishment of economic zones and infrastructure development, Davies said.

He said there were opportunities for Swiss companies in the development of power stations, railways, telecommunications and more.

Davies said SA was also embracing green industries. There was no reason why SA could not become involved in manufacturing in this area. Davies cited solar panels as an example. He said jobs were being created, but for skilled workers.

Federal Councillor Didier Burkhalter, head of the Federal Department of Foreign Affairs, said more than 100 Swiss companies were trading in SA, creating in the region of 36 000 jobs.

Hans Hess, president of Swissmem, said Swiss companies should make the most of globalisation as the opportunities offered by emerging markets outweighed the risks.

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India is a profitable business opportunity, PM tells South Korean CEOs - Economic Times

India is a profitable business opportunity, PM tells South Korean CEOs - Economic Times You are here: Home>Collections>Manmohan SinghIndia is a profitable business opportunity, PM tells South Korean CEOsIANS Mar 26, 2012, 10.39AM ISTTags:South Korea|Samsung|resolution|POSCO|Manmohan Singh|Hyundai

Investment from South Korea is a "priority" for India, visiting Prime Minister Manmohan Singh said Monday, adding that the government was taking "proactive" steps to improve the business climate and move forward with the Posco mega steel plant project in Orissa that has been plagued by farmer protests.

"Investment from Korea is a priority for India. We will take pro-active steps to address investor grievances and improve the business climate in the country. Many states of our Union have been actively encouraging foreign investment and we will support these efforts. I urge Korean industry to have faith in India," Manmohan Singh said in his address to South Korean CEOs during his two-day official visit to this country.

"I recognize that sometimes our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law. The government is keen to move forward with the Posco project and there is some progress in this regard. I believe that India is a stable and profitable long-term investment opportunity," he told the 20 CEOs, including those of Hyundai and Samsung, who attended the meeting.

The Posco steel project, India's largest foreign investment project estimated at $12 billion, has been hobbled for years by local protests against land acquisition of over 4,000 acres in Paradip in the eastern coastal state.

The POSCO issue had figured in the joint statement issued after the Summit talks Sunday between Manmohan Singh and South Korean President Lee Myung Bak, which noted that there had been progress forward on issues like land acquisition.

This is the third time in two days that Manmohan Singh has spoken of how much India values South Korean investments.

Noting that many South Korean companies have become a household name in India, Manmohan Singh said Sunday he hoped to see many more, particularly from the medium and small sectors, setting up shop there.

"I invited Korean firms to invest in India in a big way. Companies such as LG, Hyundai and Samsung are already household names in India. We would like to see small and medium sized Korean companies also making India a base for their manufacturing," the prime minister said at a joint media interaction with President Lee after their Summit.

"I informed President Lee that India is making a huge effort in upgrading our physical infrastructure. We want Korean companies to help us realize this objective and benefit from the opportunities provided by this," Manmohan Singh added.

He again referred to the Korean companies during his speech at a lunch hosted by President Lee.

At the CEO's meeting, to illustrate why India was such an attractive investment destination, Manmohan Singh noted that the country had managed to maintain a 7 percent growth rate in the last few years and listed six fundamentals that would enable it to return to 8-10 percent growth in the coming years:

* A domestic savings rate of 33-35 percent of GDP and growing,

* A very young population, with half of the working population in its twenties,

* Heavy investments in education, health and agriculture to give a new deal to rural India. Rural markets are booming and the middle class is growing rapidly.

* Huge expansion in higher education and skills and development of ports, airports, railways, energy and roads. India is poised to continue to be a frontline player in the global knowledge economy.

* Ambitious plans for the development of physical infrastructure. Planning to secure investment of almost $1 trillion in the next five years in new projects in highways, power plants, mass transport systems, ports and airports. This will be achieved through both public and private investment and Public-Private Partnerships.

* Determined to pursue a strategy of green growth. Committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in the energy mix. There will be large business opportunities and I am aware of Korean capabilities in environmentally friendly technologies.

"Korean companies have always recognized these strengths and competitive advantages of the Indian economy. They were among the early investors to look at India as a strategic investment destination," Manmohan Singh said, adding that Hyundai has a 25 percent market share in India's domestic passenger car industry.

Noting that after the implementation of Comprehensive Economic Partnership Agreement (CEPA) on January 1, 2010, bilateral trade has surged by roughly 65 percent in two years and reached $20.6 billion in 2011, the prime minister said: "However, it is still below its huge untapped potential."

"Therefore, President Lee and I decided yesterday to revise the bilateral trade target to $40 billion by 2015. This is a challenge as well as an opportunity that we must both seize together," Manmohan Singh added.

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India is a profitable business opportunity, PM tells Korean CEOs - Daily Pioneer

Investment from South Korea is a "priority" for India, visiting Prime Minister Manmohan Singh said Monday, adding that the government was taking "proactive" steps to improve the business climate and move forward with the Posco mega steel plant project in Orissa that has been plagued by farmer protests.

"Investment from Korea is a priority for India. We will take pro-active steps to address investor grievances and improve the business climate in the country. Many states of our Union have been actively encouraging foreign investment and we will support these efforts. I urge Korean industry to have faith in India," Manmohan Singh said in his address to South Korean CEOs during his two-day official visit to this country.

"I recognize that sometimes our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law. The government is keen to move forward with the Posco project and there is some progress in this regard. I believe that India is a stable and profitable long-term investment opportunity," he told the 20 CEOs, including those of Hyundai and Samsung, who attended the meeting.

The Posco steel project, India's largest foreign investment project estimated at $12 billion, has been hobbled for years by local protests against land acquisition of over 4,000 acres in Paradip in the eastern coastal state.

The POSCO issue had figured in the joint statement issued after the Summit talks Sunday between Manmohan Singh and South Korean President Lee Myung Bak, which noted that there had been progress forward on issues like land acquisition.

This is the third time in two days that Manmohan Singh has spoken of how much India values South Korean investments.

Noting that many South Korean companies have become a household name in India, Manmohan Singh said Sunday he hoped to see many more, particularly from the medium and small sectors, setting up shop there.

"I invited Korean firms to invest in India in a big way. Companies such as LG, Hyundai and Samsung are already household names in India. We would like to see small and medium sized Korean companies also making India a base for their manufacturing," the prime minister said at a joint media interaction with President Lee after their Summit.

"I informed President Lee that India is making a huge effort in upgrading our physical infrastructure. We want Korean companies to help us realize this objective and benefit from the opportunities provided by this," Manmohan Singh added.

He again referred to the Korean companies during his speech at a lunch hosted by President Lee.

At the CEO's meeting, to illustrate why India was such an attractive investment destination, Manmohan Singh noted that the country had managed to maintain a 7 percent growth rate in the last few years and listed six fundamentals that would enable it to return to 8-10 percent growth in the coming years:

* A domestic savings rate of 33-35 percent of GDP and growing,

* A very young population, with half of the working population in its twenties,

* Heavy investments in education, health and agriculture to give a new deal to rural India. Rural markets are booming and the middle class is growing rapidly.

* Huge expansion in higher education and skills and development of ports, airports, railways, energy and roads. India is poised to continue to be a frontline player in the global knowledge economy.

* Ambitious plans for the development of physical infrastructure. Planning to secure investment of almost $1 trillion in the next five years in new projects in highways, power plants, mass transport systems, ports and airports. This will be achieved through both public and private investment and Public-Private Partnerships.

* Determined to pursue a strategy of green growth. Committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in the energy mix. There will be large business opportunities and I am aware of Korean capabilities in environmentally friendly technologies.

"Korean companies have always recognized these strengths and competitive advantages of the Indian economy. They were among the early investors to look at India as a strategic investment destination," Manmohan Singh said, adding that Hyundai has a 25 percent market share in India's domestic passenger car industry.

Noting that after the implementation of Comprehensive Economic Partnership Agreement (CEPA) on January 1, 2010, bilateral trade has surged by roughly 65 percent in two years and reached $20.6 billion in 2011, the prime minister said: "However, it is still below its huge untapped potential."

"Therefore, President Lee and I decided yesterday to revise the bilateral trade target to $40 billion by 2015. This is a challenge as well as an opportunity that we must both seize together," Manmohan Singh added.

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India is a profitable business opportunity, PM tells South Korean CEOs - Economic Times

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