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New incentives for key SA industries

New incentives for key SA industries

JOHANNESBURG: Trade and Industry Minister Rob Davies said yesterday that the government was planning to introduce new incentives in key industrial sectors to revive the country’s moribund economy in an increasingly hostile international trade environment.

Davies said that the government would target industries such as auto and agro-processing and continental trade relations as part of a package to draw investors back to South Africa.

He said the state had also reviewed its bureaucratic red tape to make it easier for investors to start new businesses in the country.

“Some of them (incentives) are sectoral, we have the motor programme, the clothing and textile programme, we also have a business processing services programme as well as the agro-processing programme,” Davies said.

“There are also tax incentives. There are specific incentives that apply to the special economic zones (SEZ). In addition the Department of Trade and Industry provides infrastructure and support for the institution of the SEZ. In addition to that, there is a tax incentive for companies that invest in the SEZ. There is a suite of incentives which we communicate to investors domestic and foreign which are crucial for making investment decisions.”