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South Africa has urged Indian jewellery firms to invest in manufacturing facilities as it seeks to encourage value addition to the gold produced in the country.
South Africa, one of the top gold producing countries, is battling a high unemployment rate of around 25 per cent. It is coming up with manufacturing policies that encourage local value addition and job creations.
“We have to add value to the raw material produced and can learn a lot from the Indian experience,” said Mr Stefanus Botes, Minister Counsellor – Economic, South African High Commission in Delhi. He was speaking at the 5th International Gold Summit organised by Assocham.
Mr Botes said his country was willing to offer both fiscal and capital incentives to Indian companies setting up jewellery units. Besides, the Indian firms can take advantage of the “favourite nation status” to export to the US from South Africa. “Exports from South Africa to US are free of import duty and the Indian companies can get a 6 per cent cost advantage over other nations,” he said.
Similarly, the Indian firms can leverage SA's free trade agreement (FTA) with the European Union to export to the region, he said. Some Indian companies are already operating in SA and we want more companies to invest, Mr Botes added.
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