Free State Premier Ace Magashule outlines strategy to attract investment

The Free State Province is making significant strides in attracting investment through its Global Investors Trade Bridge for 2016. The event, which coincides with the Makufe period, has drawn participants not only from South Africa but also from countries like Angola, Lesotho, Belarus, China, India, and Cuba. Free State Premier Ace Magashule highlighted the importance of building strong people-to-people relations as a precursor to successful investments. The province has already secured initial agreements with many potential investors, signaling a positive outlook for future collaborations. Magashule emphasized that the Free State Province plays a vital role in South Africa's economy, contributing between 7 to 9 percent of the country's GDP. While historically known for agriculture, the province is venturing into diversification, particularly in the manufacturing sector with a focus on pharmaceuticals. Collaborations with international partners, such as German firms for mine dump reconstruction and knowledge exchange programs with countries like Belarus and Bulgaria for agro-processing, are underway. The Premier underscored the importance of investing in education and skill development to bolster manufacturing capabilities. With over 7,000 students and 1,000 overseas trainees, the Free State aims to reap the rewards of these investments by 2019. Small enterprises and the promotion of local businesses are central to the province's strategy, with an emphasis on job creation. To incentivize ongoing capital investment, the Free State offers special economic zones, preferential tariffs, and rental-free premises for a period of two years in specific regions like Valcom, Bloemfontein, and Thaba Nchu. Tax incentives at both a provincial and national level further sweeten the deal for potential investors, especially in terms of machinery imports. Magashule's vision for economic growth is holistic, focusing on a blend of education, skill development, and strategic economic incentives to attract a wide array of local and international investors to the Free State Province.