JOHANNESBURG, March 11 (Xinhua) — South Africa’s Department of Trade and Industry on Monday announced its partnership with the World Bank Group for advisory services to improve the business environment for domestic entrepreneurs.
The department said that the partnership is aimed at undertaking policy and institutional reform to enhance foreign direct investment inflows.
“Support from World Bank and its development partners promotes South Africa’s growth agenda,” said the department’s Director General Lionel October.
“I would like to assure you that we are committed to addressing the employment deficits that we face, and this will start with providing the right environment for the private sector to flourish.” he said.
He stated that the four-year program will focus on business regulation, investment policy and promotion, market regulation and competition policy to improve business competitiveness and enable business environment as a cornerstone to drive both domestic and foreign direct investment.
World Bank support to South Africa will be provided in partnership with the Swiss State Secretariat for Economic Affairs and the Prosperity Fund of the UK’s Foreign and Commonwealth Office.