Pretoria – Mineral Resources Minister Mosebenzi Zwane has welcomed a commitment by the Japanese government to increase its investment in South Africa, despite the current downturn in the global economy.

“We are encouraged by the continuous support from the Japanese government and companies, and that they are prioritising South Africa,” Minister Zwane said on Wednesday.

On Tuesday, he met with Parliamentary Vice Minister of Economy, Trade and Industry, Tsuneo Kitamura, on the sidelines of the Mining Indaba in Cape Town.

“It gives us confidence that our country remains a preferred investment destination. Investors are taking a long term view and are not discouraged by the current downturn in the cycle,” Minister Zwane said.

Japan remains a major trading partner for South Africa, with about 140 companies active in the country and over 150 000 jobs created. – SAnews.gov.za

Not satisfied with merely being a titan on the mainland, Tencent is also apparently well and truly conquering Africa with the rise of the WeChat Wallet launched last November. Thanks to a long-term partnership with leading African media company Naspers, the Chinese service is also gunning for competition from the US.

Way back in 2001, Naspers acquired a 46.5% stake in Tencent for $32 million. While their stake has since diluted down to just 34%, it is now worth $65 billion.

In the context of Africa’s growth — in which China is known to have a vested interest — WeChat’s looks to be acquiring as much market share as possible during the country’s early Internet-using years, which are allowing for experimental business maneuvers. Indeed, the WeChat Wallet, which facilitates p2p money transfers, prepaid credit purchases, etc., doesn’t even require a bank account.

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