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SOUTH AFRICA ENCOURAGES TESLA TO INVEST IN THE COUNTRY

Trade and Industry Minister Rob Davies has encouraged Tesla, the American automotive and energy storage company, to explore the possibility of setting up shop in South Africa.

The Department of Trade and Industry (Dti) said in a statement here Monday that the company had expressed interest of investing in South Africa during a business breakfast session in Washington, in the United States, where Minister Davies was addressing investors on Sunday.

Davies is in the US to attend the 15th Africa Growth and Opportunity Act (AGOA) Forum. The AGOA is a United States legislation enacted to help sub-Saharan Africa increase exports to the US which runs until 2025.

Tesla Motors designs, manufactures and sells electric car components and batteries. The founder of the company is South Africa-born Elon Reeve Musk.

Davies indicated that South Africa’s automotive programme already had an additional incentive that applies to the electric vehicles. He further stated that the government understands that electric vehicles are where things are going, including hybrids and fuel cells.

He highlighted that the government was still on track with the Independent Power Producers Programme (IPP) on renewable energy. He emphasized that investors had informed him that South Africa’s IPP programme is one of the best power purchasing programmes in the world.

The business breakfast preceded the one-day AGOA Forum on Monday. The Forum is an annual forum that takes place on an alternating basis between sub-Saharan Africa and the United States.

The theme for this year’s Forum is Maximising US-Africa Trade and Investment: AGOA and Beyond.

The forum will focus on the implementation of AGOA utilisation strategies, as well as, the US-Sub-Saharan Africa trade and investment relationship beyond AGOA.

Source: Nam News Network