Trade and Industry Deputy Minister Bulelani Magwanishe is in India this week where he is leading a delegation to attract investment in the pharmaceutical sector.
Magwanishe is expected to address a group of potential investors at a pharmaceutical investment seminar in Hyderabad on Monday.
The investment mission is targeted at the Indian pharmaceutical sector which is ranked third globally.
“The South African pharmaceutical industry is a priority sector as identified in the Industrial Policy Action Plan (IPAP). India’s pharmaceutical industry is ranked third 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.”
The investment mission is scheduled to make stops in the cities of Hyderabad, Bangalore and Ahmedabad in an effort to attract investment.
“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 particularly 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,” he said on Sunday.
Over the course of the investment mission, the Deputy Minister will visit pharmaceutical manufacturing plants and identify areas of collaboration in both technical and educational spheres.
This is so as to develop the skills and capabilities of South African companies, particularly black-owned companies and 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.”
Magwanishe said the objectives of attracting Indian pharmaceutical companies include enhancing the development of the South African 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,” he said.
The investment mission to India follows on the South Africa – India Business Summit held in Sandton in April.