Zuma woos Malaysian investment
August 26, 2013, 7:57 am

Zuma urged for more Malaysian investment in the country [GCIS]

Zuma on Monday urged for more Malaysian investment in the country especially in the infrastructure sector.

“South Africa is open for business and is waiting for more Malaysian companies to come and participate,” said the South African President.

Zuma was addressing the South Africa Malaysia Business Forum in Kuala Lumpur on Monday.

Zuma said, the government was on course to spend in excess of R4-trillion on infrastructure over the coming years, focusing on rail, roads, and energy.

Malaysian companies like Proton and KNM International already have a formidable presence in South Africa.

Speaking at a joint press conference with Zuma, Malaysian Prime Minister Datuk Seri Najib Tun Razak said the government needs to create favorable conditions for more investment.

“Malaysian companies stand ready to participate in the infrastructure development in South Africa, depending on the terms and conditions that are offered to them. We also would like to look at the future of our investments in South Africa particularly by Petronas,” he added.

Malaysia’s state oil and gas company Petronas owns 80 percent of Cape Town-based Engen Peroleum Ltd., South Africa’s biggest fuel retailer.

This year marks 20 years since the establishment of diplomatic relations between South Africa and Malaysia.

Trade between Malaysia and South Africa has grown significantly from approximately 13.8 billion rand in 2008 to 19.7 billion rand in 2012.

Although the trade surplus is currently in favor of Malaysia, South African exports to the Asian economy has “risen significantly”, asserted Zuma while urging for a “diversification of the quantum of trade”

The Malaysia South Africa Business Council was launched by former President Nelson Mandela and former Prime Minister Dr Mahathir in1997.

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