SOUTH AFRICA, THAILAND TO SIGN MOU TO BOOST ECONOMIC TIES

South Africa will sign a Memorandum of Understanding (MoU) with Thailand with the aim of at advancing bilateral economic ties, the Department of Trad e and Industry says.

South Africa’s investment promotion agency, Invest South Africa (InvestSA), will sign the MoU with the Board of Investment Thailand, in Bangkok on Tuesday, the department said in a statement here Monday.

One of InvestSA’s objectives is to identify potential foreign investors and attract them to invest in the country, in an effort to grow the economy and create employment opportunities, the statement quoted acting InvestSA head, Yunus Hoosen, as saying.

The MoU that we will be signing with Thailand is aimed at promoting and facilitating co-operation between the two countries on investments in automotive, agro-processing and electronics sectors. It will also enhance our collaborative efforts to attract investments into our countries, said Hoosen.

Invest SA is optimistic that the implementation of the MoU will see Thai investors setting up manufacturing plants in South Africa which will result in job creation.

Total trade between South Africa and Thailand in the first three quarters of 2016 reached 29.9 billion Rand (about 2.186 billion US dollars), a 24.3 per cent increase from 24 billion Rand achieved in the same period of 2015.

Source: NAM NEWS NETWORK

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