Jun 18, 2013
June 4th 2013 - Mizuho Corporate Bank, Ltd. (Yasuhiro Sato, President & CEO) today entered into a business cooperation agreement with the South African Department of Trade and Industry, aimed at promoting mutual investment between the Republic of South Africa and Japan. This business cooperation agreement is aimed at developing investment and transactions between South Africa and Japan and promoting economic and industrial cooperation.
Specifically, 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 M&As.
With an abundance of precious metals such as gold and platinum and mineral resources including manganese and chromium, the Republic of South Africa is the largest economy in the African region (nominal GDP in 2012: USD384 billion). As illustrated by the country's steady GDP growth rates in recent years (GDP growth rate in 2012: 2.5%), the Republic of South Africa is emerging as a business hub in the region and increasing its presence among the BRICS nations.
An increasing number of corporations including those from Europe, the US, China, and Korea are seeking to tap into South Africa's business potential in the natural resources and infrastructure sectors, and the country is also considered to be a stepping stone to business expansion in Sub-Saharan Africa*. Japanese corporations are no exception in these movements, with over 100 companies already operating there. These companies are mainly from the manufacturing sector such as auto, electronics, construction machinery, and plant manufacturing, and their numbers are expected to further increase going forward.
* The area of the continent of Africa that lies south of the Sahara.
This business cooperation agreement will enable Mizuho group companies to unite and provide an even wider range of support for the business development needs of our customers in South Africa.
Re-disseminated by The Asian Banker