Mandela wants S’pore investments in South Africa

PRESIDENT Nelson Mandela has called on Singapore businessmen to invest in South Africa to help rebuild a nation ravaged by the policies of the apartheid era.

“I am looking forward to business from this country,” the South African leader told reporters yesterday after brief talks with Prime Minister Goh Chok Tong.

Mr Mandela was on a one-hour stop-over in Singapore en route to South Africa after official visits to Japan and South Korea last week.

He said that he had discussed with Mr Goh the prospects of increased economic ties between the two countries and had asked him to inform Singapore businessmen that investment opportunities in South Africa were “very good”.

While South Africa welcomed foreign investment in almost every sector of its economy, it was keen especially to attract them to the manufacturing sector, he said.

“We are seeking to expand the manufacturing base and the only way of doing so is to get investment,” he said.

He assured investors that there would be no nationalisation of their property and that they would be able to repatriate profits and dividends freely.

He stressed that South Africa had a well-developed infrastructure with ports and harbours, a sophisticated financial system and low-cost electricity that made it an attractive destination for investment flows.

Corporations from the United States, Britain, France and Asian countries were investing in South Africa.

Mr Mandela, 76, said he has accepted an invitation by Mr Goh to visit the Republic though the date has yet to be finalised. “I will be paying a state visit to Singapore and I will be bringing experts in various fields to ensure that the bonds we are laying now are strengthened and expanded,” he said.