InvestSA, Wesgro and GreenCape partnership wins UNCTAD investment promotion award

Wins UNCTAD investment promotion award Wins UNCTAD investment promotion award

InvestSA, Wesgro and GreenCape received the UNCTAD Investment Promotion Award on Mondayin recognition of their success in attracting investment into the green economy for South Africa.

The partnership between the national (InvestSA) and provincial (Wesgro) agencies and the sector development agency, GreenCape, focuses on positioning South Africa as the green economy hub on the African continent.  This partnership ensures an increasing share of sustainable FDI into the country.

Five foreign investors have launched manufacturing facilities for components for the renewable energy industry since June 2014, as a direct result of this partnership.

The most significant of these was the US$19m investment by Spanish multinational, Gestamp Renewable Industries (GRI) into the establishment of a wind tower manufacturing facility, creating nearly 300 new jobs in the Western Cape.

"The winning IPAs have used innovative and effective methods to persuade key domestic and international investors" says James Zhan, Director of the Division on Investment and Enterprise at UNCTAD during the awards ceremony. Zhan continued, "These IPAs offer real examples of how developing countries can benefit from the ability to attract investment, likely to make an increasingly important contribution to the socio-economic development."

Tim Harris, CEO of Wesgro, Cape Town and the Western Cape's Tourism, Trade and Investment Promotion Agency, praised the partnership saying "this type of partnership at various levels of government ensures proper and efficient co-ordination that will have a positive effect on the investment promotion programmes for the country."

Other winners included Invest India for targeting and securing large healthcare investment projects with private and public stakeholders; and Lesotho National Development Corporation for its instrumental role in forging effective collaboration with strategic partners.

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