South Africa: Deputy Minister Magwanishe to lead investment mission to India0
Following the SA – india Business Summit held in Sandton in April 2018, the Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe will lead a mission to India as part of goverments investment attraction drive in the pharmaceutical sector. Magwanishe will be meeting with leading companies in the pharmaceutical sector in the Indian cities of Hyderabad, Bangalore and Ahmedabad in an effort to attract them to invest and expand their presence in. South Africa.
India’s pharmaceutical is ranked 3rd globally and the invetment mission is strategic in terms of our industrial policy objrectives of building a manufacturing capability as a worlld class hub for the African Continent. The mission is targeted to pharmaceuticals, medical devices and consumables and will also vsit major hubs, knowlegde and techonilogy centres.
According to Magwanishe the three Indian cities are home to numerous pharmaceutical companies which he will engage with in order to reiterate and reaffirm the commitment of the South African government in supporting their investments in South Africa.
“We will use the opportunity offered by the mission to visit the pharmaceutical manufacturing plants to see the best practice and identify areas of collaboration, both technical and educational, in order to develop the skills and capabilities of the South African companies, particularly Black-owned companies, as well as 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. We are keen to develop an ecosystem and pharmacetical clusters in our special economic zones to support investments in the pharmaceutical industry.” says Magwanishe.
Magwanishe will also meet with regulatory authorities and government entities to exchange ideas and explore areas of mutual interest and collaboration on best practices utilised in implementing policy and regulatory instruments relating to the pharmaceutical sector in India.
“The 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 the leading companies that may be pursuing Africa as the next frontier of growth,” says Magwanishe.
A number of leading international companies already have their facilities in South Africa with Cape Town, KwaZulu-Natal and Gauteng as among the provinces in which these investments are located. There are a number of pharmaceutical companies which are expanding their operations to meet the demands of the South African public and private sector in providing accessible and affordable healthcare in South Africa and the African Continent. Leading Indian ompanies that have a presence in the South African market include Ranbaxy, Cipla, Dr Reddy, Aurobindo amongst others.
India is the largest provider of generic drugs globally and enjoys an important position of the global pharmaceutical sector. The South African pharmaceutical industry is a priority sector as per the Industrial Policy Action Plan (IPAP). Domestic pharmaceutical manufacturers focus almost exclusively on producing generic products.
Deputy Minister Magwanishe is currently in Vienna, Austria where he is leading a South African delegation at the UNISPACE+50 High-Level Segment of the 61st session of the United Nations Committee on the Peaceful Uses of Outer Space (COPOUS).
Distributed by APO Group on behalf of The Department of Trade and Industry, South Africa.