PRETORIA, June (ANA) - This week's South African investment mission to India, which ended on Saturday, has been very successful, Deputy Trade and Industry Minister Bulelani Magwanishe said.
The mission was part of government’s investment attraction drive in the pharmaceutical sector and was intended to woo leading companies in the pharmaceutical sector in the Indian cities of Hyderabad, Bangalore, and Ahmedabad to invest and expand their presence in South Africa.
“We are pleased that the mission provided us with an opportunity to meet with chief executive officers (CEOs) of leading companies in India operating in various areas such as active pharmaceutical ingredients (APIs), pharmaceuticals generics, biologics, consumables, and medical devices," Magwanishe said.
"The mood and sentiment of the CEOs were highly positive. They see South Africa as an attractive investment destination for a pharmaceutical hub for the African continent. The visit was a success in that the CEOs of these global pharmaceutical companies have expressed a keen interest to invest in South Africa, as they recognise South Africa as an attractive destination for high quality pharmaceutical products. They have also expressed keen interest in working with government to invest in the country,” he said.
He was encouraged by the fact that most of the CEOs he met in the three cities did not only regularly visit South Africa, but had also expressed their intention to invest in the country within the next two years.
“We also managed to exchange ideas with new potential investors as well as companies that already have a presence in South Africa. CEOs also warmed up to our requests for them to expand their investments in the country and the response we received was positive and encouraging,” Magwanishe said.
The visit also afforded the delegation an opportunity to exchange ideas for possible collaboration in South Africa’s industrial policy of supporting knowledge and technology parks, start-ups, small- and medium-enterprises, women, and the youth.
“The Indian companies also indicated that they are keen on opening up opportunities with the South African companies for technology transfer, joint ventures, and partnerships. They are also prepared to support us in our special economic zones [SEZs] and industrial parks. There are also opportunities for the two countries’ regulatory authorities to collaborate and share best practices. The mission will serve as an important platform in our quest to industrialise and build a pharmaceutical ecosystem and support localisation efforts,” Magwanishe said.
India was the largest provider of generic drugs globally and enjoyed an important position in the global pharmaceutical sector. The South African pharmaceutical industry was a priority sector as per the Industrial Policy Action Plan (IPAP), he said.
- African News Agency (ANA)
