The existing immigration policy is frequently criticised as being too restrictive and in effect a disincentive to foreign businesses.
South Africa also suffers each year from a net loss of skills as qualified people emigrate to other countries.
Introducing her budget vote in an extended public committee of the National Assembly last week Pandor said South Africa should provide clearer guidance about the numbers and skills needed.
She said: "We want those with the right skills to come here: the investors and the entrepreneurs who will create the businesses and the jobs of tomorrow and the scientists who will help keep South Africa at the heart of the great advances in medicine‚ biotechnology‚ advanced manufacturing and communications. They merit a permit policy that shows we are ready to compete with other countries for global talent.
"With regard to business‚ we've increased the opportunities for foreign investors and entrepreneurs," she added.
Pando said 1‚346 visas were issued to entrepreneurs in 2011.
"We also plan to increase efficiency in issuing permits to investors in South Africa. Currently we issue waivers for employees of many multinational corporations. We have had many complaints about delays in issuing permits and we are addressing these concerns. I'm aware that some companies prefer to use staff from their overseas headquarters for their South African branches.
"Government has an obligation to promote job creation and skills development for South Africans. Our immigration system must help us to respond to this challenge while also welcoming investment," she said.
Pandor said the target for attracting scarce skills had been 50‚000 permits issued in 2011 but that only about 20‚000 were issued and that the Immigration Advisory Board would look into this.
"We are finalising the regulations for the 2011 Immigration Amendment Act.
"They will streamline the process of scientists applying for work permits. The Department of Science and Technology and the Department of Higher Education will assist in reducing the bottlenecks being experienced in evaluating visa and permit requests for scientists and researchers.
"If we manage immigration competently‚ we can attract critical skills to expand the economy and promote trade and investment for job creation and development," Pandor said.
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