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Volkswagen and autos supplier Bosch are planning to form a joint venture to build the machinery to equip Volkswagen's battery cell factories, German monthly 'Manager' magazine reported on Monday.
Trade, Industry and Competition Minister Ebrahim Patel has emphasised that Nigeria is a critical market for South African capital and goods while South Africa is a big market for Nigerian businesses. Minister Patel who forms part of a delegation accompanying President Cyril Ramaphosa to on a West Africa four-nation visit, was speaking on the sidelines of the South Africa - Nigeria business forum on Wednesday. Speaking toSAnews,Patel said the forum is aimed at creating a platform for South African companies to engage and exchange business contacts with their Nigerian counterparts to forge joint venture partnerships. The business forum was about getting the view of individual business people identified in the areas of ICT, infrastructure, finance and banking on how we can get greater economic cooperation between the two countries. The one key metric of economic development is the level of trade between countries. Nigeria is today South Africas biggest supplier of oil and historically it was at about 20% and it has now grown to about 42%. He said South Africa is a fairly significant supplier of polymer and polypropylene to the Nigerian market as well as some food products, among others. The question for us is how can trade relationship enable development in both countries? It is not a zero-sum game, not that South Africas growth has to be at Nigerias expense. That means that it needs the legal regime that allows it and requires policy coordination. The Minister said the legal regime was done largely through the African Continental Free Trade Area while the relationship part was what the State Visit by President Cyril Ramaphosa was all about. Its the political leadership of both countries recognising that if we can unlock the obstacles and challenges, then both countries can grow. We have heard about the enormous challenges that Nigeria faces with unemployment and low growth and those are the exact challenges that South Africa also faces, Patel said. He said when people visit supermarkets in both countries there is a large number of products that are manufactured in other parts of the world. Of course we want to be part of the global trading system, we dont want to disengage in trading with the world but Africa can produce more of what it needs. The Minister also spoke on the occurrence of South African businesses exiting the Nigerian market due to various reasons. South Africa has raised in discussions with Nigeria that both countries need to find ways of doing business, that there needs to be more predictability with the regulatory regimes. Speaking on challenges faced by South African businesses in Nigeria, Standard Bank CEO Lungisa Fuzile toldSAnewsthat often some of the well-established South African businesses, particularly in the retail sector, set up shop in Nigeria and later on are forced to disinvest when they face challenges. Fuzile said it was the responsibility of the South African government to try and establish the root causes of that. Given the interest that both countries share, which is to encourage investments both ways, job creation in both countries and just making sure that the countries prosper, you want to make sure that when an investment takes place, it is never reversed, Fuzile said. Fuzile said the visit by the President and his Cabinet along with the business delegation presents an opportunity to discuss the opportunities that the two countries present. We simply do not do enough business between our two countries and amongst ourselves as African countries, said Fuzile.
Addis Ababa 29 November 2021. Ethiopian Airlines, the largest aviation group in Africa, is pleased to announce that it has finalized preparations for the launch of Zambia's National Carrier in a joint venture with Industrial Development Corporation Limited (IDC). Ethiopian has a 45 percent stake in the joint venture while Industrial Development Corporation Limited (IDC) retains
Volkswagen's premium automaker Audi's joint venture to build electric vehicles in China with state-owned FAW Group is behind schedule due to a delay in approval by the relevant authorities, Audi said on Monday
Government has reiterated its commitment to changing the socio-economic landscape of the country through the work done in Special Economic Zones (SEZs). The Deputy Minister of Trade, Industry and Competition, Fikile Majola, on Thursday visited the site of the proposed Fetakgomo-Tubatse Special Economic Zone (SEZ) in Steelpoort, Limpopo. We have to change the way we operate, and urgently seek innovative ways to lead the province and this district out of the current economic challenges. The existing and projected mining and beneficiation outlook for the Platinum Group of Metals (PGMs) and chrome drives the establishment of the proposed Fetakgomo-Tubatse SEZ, Majola said. According to Majola, the proposed SEZ is conceived as a one-stop world class integrated sector-specific SEZ for providing products and related services addressing the entire range of mining input suppliers, the PGMs and chrome beneficiation value chains. This includes both the upstream and downstream beneficiation, general manufacturing product-value add and logistics. We must forge ahead with the construction of the new economy that will offer new opportunities to all our people. Sharing of wealth and opportunities should be at the top of our agenda, Majola said. He said governments objective is to achieve an inclusive economy, and this cannot be realised if townships and rural areas are not meaningful participants in the mainstream economy. We remain convinced that this is the key element of an inclusive economic growth trajectory which can lift our people from poverty, cultivate entrepreneurial potential, establish dynamic township enterprises and circulate the township rand within townships, he said. Speaking at the same event, the Chief Executive of Glencore Alloys, Japie Fullard, said the company initiated the conceptual design of the Mining Supply Park in 2007 under Xstrata and the Limpopo Provincial Government to catalyse local economic growth, employment and development for the region. In 2009, planning and marketing for the park was started, with the first infrastructure being constructed in 2010/2011. In fact, the concept to enhance the local skills base and to advance the local economy, started as a joint venture between mining operators in the area. Glencore remained committed to see the project to its fruition at an initial cost of approximately R100 million. The Mining Supply Park covers 38 hectares, with 61 industrial units, Fullard said. He said the Mining Supply Park was a true testament of Glencores entrepreneurial spirit and commitment as it stands at the forefront of the envisaged establishment of the Fetakgomo-Tubatse SEZ. He reiterated Glencores commitment to local economic and infrastructure development and the upliftment of the community in which they are operating.
The Special Tribunal has ordered that suspended Eskom senior manager for Coal Operations, Petrus Mazibuko, pay back at least R11 million to the state after it was found that his company indirectly benefitted from a coal transportation contract from the power utility. This follows civil proceedings initiated against Mazibuko and his brother, Shadrack, at the tribunal by the Special Investigating Unit (SIU). The tribunal found that Mazibuko improperly benefitted from contracts awarded to a company with links to a business ran by himself and his brother. Judge Thina Siwendu found that Petrus Mazibuko did not declare his business interests in terms of the Eskom Conflict of Interest Policy and had no permission to do the work. He acted, by failing to disclose, in a way that compromised the credibility and integrity of Eskom's supply chain processes, the tribunal said. The judgement also found that the Mazibukos company, Thephunokheja, concluded a joint venture agreement with Commodity Logistix Managers Africa (CLM) to supply and transport the coal just months before the Eskom contracts were awarded to CLM. Shortly after the contract was awarded, at least R11 million flowed from CLM to Mazibukos Thephunokheja. The suspended Eskom senior manager had also failed to disclose the close ties he had to CLM. Howeverthey had no experience no expertise in the coal business. Mazibuko's conduct was found to be an unauthorized gratification and in violation of Section 3 of the Prevention and Combating of the Corrupt Activities Act of 204 and section 4 of the Prevention of Organized Crime of 1998, the tribunal said. The Tribunal also found that the conduct of the Mazibuko brothers was against the law. Petrus and Shadrack Mazibuko as well as Thephunokheja accepted gratification, acted dishonestly, unauthorized, misused and sold information to advance their financial interests and that they knowingly embarked on the unlawful activities, the judgement found
South Korea's SK Innovation Co Ltd plans to invest 5.1-trillion won (roughly $4.3bn or R64.63bn) to build battery production facilities in the US through its battery joint venture with Ford Motor Co through 2027, the company said in a regulatory filing on Tuesday.
The Central Energy Fund (CEF) has signed a memorandum of understanding with chemicals and energy giant, Sasol. The MOU is aimed at securing future gas supply options and infrastructure critical to the gas market. The agreement comes at least two months after the CEF announced that its subsidiary, iGas, had exercised pre-emptive rights to acquire 30% of Sasols shares in the Republic of Mozambique Pipeline Company (ROMPCO) gas pipeline joint venture. CEF Group Chief Executive, Dr Ishmael Poolo, said the agreement was signed with the prospect of protecting future gas supply in the country and creating jobs. At the core of achieving our strategic mandate of ensuring security of supply is domestic job creation and an approach to the just energy transition that fosters increasing domestic value addition. In this regard, gas remains a critical component in our countrys just energy transition journey, and our continued collaboration with Sasol in unlocking growth in the gas space remains critical for us in contributing to the achievement of an optimal energy mix, Poolo said. Sasol Executive Vice President for Energy Business, Priscillah Mabelane, said collaborations are necessary to sustain the energy sector. Sasol has had a long-standing relationship with CEF through our well-established partnership in the ROMPCO pipeline and looks forward to commencing this next stage of growth in gas together. Gas is instrumental in enabling a just energy transition in South Africa and requires immediate attention to introduce additional supply to South Africa. Currently, the countrys gas supply comes from the Pande-Temane gas fields in Mozambique, which will need to be supplemented in the long-term, as these reserves begin to mature, said Mabelane. A statement released by the gas company highlighted the importance of gas for South Africa. Gas is a significant contributor to South Africas energy mix and its importance is expected to grow. Preliminary global benchmark case studies indicate that countries experiencing growth in demand for gas have opted for increasing the number of import locations to serve regional markets via pipeline. Both companies will explore developing multiple low-cost gas import locations around the country, the statement said.
A company called Floating Motors, which is a joint venture between Italian watercraft firm Jet Capsule and the Lazzarini Design Studio has plans to build boats with classic automotive design in a concept called resto floating.
Japanese automaker Mazda Motor Corp said on Tuesday it and two Chinese partners have agreed to form a new venture in which it will have a 47.5% stake