South Africa Japan trade relations set for growth

The Department of Trade and Industry (DTI) and the Bank of Tokyo–Mitsubishi UFJ signed Memorandum of Understanding (MoU) yesterday with an objective of beefing  up trade connections and investment flow between the largest economy in Africa and one of the largest financial institutions in the world.

DTI director-general Lionel October said the agreement will strengthen and deepen the cordial bilateral relationship that exists between South Africa and Japan.

“Japan is one of the leading countries when it comes to Information Communication Technology and manufacturing, and it is quite fitting for us as government to enter into an agreement that will benefit and assist in the industrialisation of both South Africa and the rest of the African continent,” said October.

The MoU will be supported by a plan of action and a schedule of events which will include investment seminars in both countries, skills transfer activities and collaboration on projects in South Africa and the rest of Africa.

October said also said that both parties should come up with an active programme after the signing to ensure that the MoU served its purpose.

Muneo Kurauchi, a Senior Managing Executive Officer at The Bank of Tokyo-Mitsubishi said South Africa is a promising country to do business with and that he was hoping that the co-operation agreement will work for both countries. The Bank of Tokyo Mitsubishi UFJ has a representative office in South Africa and will shortly open a fully-fledged branch that will support the needs of their clients locally.

“Africa’s economy is growing and more countries are investing in the continent to set their foot print. The investment is likely to increase and more Japanese companies need to be educated in doing business in Africa,” added Kurauchi.

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