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DTI partners with World Bank to enhance foreign direct investment

Department Director-General Lionel October said support from the World Bank and its development partners will promote South Africa's growth.

The World Bank.

JOHANNESBURG - The Department of Trade and Industry (DTI) has partnered with the World Bank Group for advisory services to improve the business environment for domestic entrepreneurs.

The department said the partnership is aimed at undertaking policy and institutional reform to enhance foreign direct investment.

It said this, in turn, will help with job creation with the country facing massive unemployment.

Department Director-General Lionel October said support from the World Bank and its development partners will promote South Africa's growth.

He said one of the department's main aims is to address the employment problems in the country, helping the private sector.

October said the four-year programme will focus on business regulation, investment policy and market regulation.

This will then help drive both domestic and foreign direct investment.

The World Bank said support will be provided in partnership with the Swiss State Secretariat for Economic Affairs and the prosperity fund of the United Kingdom's Foreign and Commonwealth Office.

(Edited by Mihlali Ntsabo)