German Minister reaffirms R3.4bn SA investment plans

Federal Republic of Germany Foreign Affairs Minister Dr Guido Westerwelle on Monday reiterated the European country’s plans to invest about R3.4-billion in South Africa in 2012/13, noting that the emerging country was Germany’s most politically and economically important partner in Africa.

The majority of this investment – R2.9-billion – was allocated for financial cooperation, with the remainder allotted to technical cooperation.

Speaking at the Department of International Relations and Cooperation’s offices, in Pretoria, during a working visit, he said South Africa was one of the new “heavyweights” in the economic world and Germany aimed to strengthen its strategic partnership with the country.

Germany’s direct investment volumes into South Africa’s automotive, chemicals and mechanical and electrical engineering industries, besides others, had reached in excess of R37.66-billion between 2003 and 2012. Further, over 71 German companies invested in South Africa, creating more than 18 000 jobs.

South African exports to Germany reached R37.9-billion in 2012, while imports from Germany increased from R77.6-billion in 2011 to R83.9-billion in 2012.

South Africa, Westerwelle said, was a symbol of how the world was changing and how new “centres of power” were developing in emerging economies, adding that Africa was a continent “full of opportunities”.

The European country, which supported South Africa’s National Development Plan and its ambitions, was also an important player in South Africa’s trade and investment priorities, International Relations and Cooperation Minister Maite Nkoana-Mashabane pointed out.

Germany was South Africa’s third-largest trading partner, its second-largest investor and its third-largest tourism market. In 2012, tourism flows from Germany increased substantially by more than 12%.

The German Foreign Affairs Minister had visited Ghana in the preceding week and, following the completion of bilateral discussions with his South African counterpart, would continue on to Mozambique.

Edited by: Chanel de Bruyn

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