South Africa: Deputy Minister Magwanishe Arrives in India for Investment Mission
Magwanishe’s programme will comprise of meetings with top executives of leading Indian pharmaceutical companies and site tours of their manufacturing plants
t is against this background that the mission is targeted to pharmaceuticals, medical devices and consumables
The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe has arrived in Hyderabad, India where he is leading a mission as part of government’s investment attraction drive in the pharmaceutical sector. Magwanishe will be meeting with leading companies in the pharmaceutical sector in the Indian cities of Hyderabad, Bangalore and Ahmedabad in an effort to attract them to invest and expand their presence in South Africa.
Magwanishe’s programme will comprise of meetings with top executives of leading Indian pharmaceutical companies and site tours of their manufacturing plants. Magwanishe will deliver a keynote address to a group of potential investors at a pharmaceutical investment seminar that will take place in Hyderabad tomorrow, Monday, 25 June 2018.
“The South African pharmaceutical industry is a priority sector as identified in the Industrial Policy Action Plan (IPAP). India’s pharmaceutical industry is ranked 3rd globally and the investment mission is strategic in terms of South Africa’s industrial policy objectives of building a manufacturing capability as a world-class hub for the African continent. It is against this background that the mission is targeted to pharmaceuticals, medical devices and consumables. We will also visit major hubs, as well as knowledge and technology centres. We are strategically and particular targeting potential investors to share our value proposition with them with the aim of wooing them to invest in South Africa, as well as companies that are already investing in the country in order to encourage them to expand their investments,” says Magwanishe
He adds that during the mission, he will be assuring the Indian companies by reiterating and reaffirming the commitment of the South African government in supporting their investments in South Africa.
“We will also use the opportunity offered by the mission to visit the pharmaceutical manufacturing plants to see the best practice and identify areas of collaboration, both technical and educational, in order to develop the skills and capabilities of the South African companies, particularly Black-owned companies, as well as small and medium enterprises. We will also identify opportunities for potential partnerships for local companies to work with leading global companies in the areas of technical cooperation, research and development, skills transfer and joint ventures,” says Magwanishe.
Magwanishe says the objectives of attracting Indian pharmaceutical companies include enhancing the development of the SA pharmaceutical industry, growing the economy and creating job opportunities.
“More importantly, opportunities for investment and partnerships with leading companies based in India will also allow the South African economy and its people to be in a position to have affordable and cost effective healthcare through the inward investment of some of these companies that may be pursuing Africa as the next frontier of growth,” stresses Magwanishe.
Magwanishe arrived in India from Vienna, Austria where he addressed the 61st session of the United Nations Committee on the Peaceful Uses of Outer Space.
Distributed by APO Group on behalf of The Department of Trade and Industry, South Africa.