In a bid to attract foreign capital and streamline the administrative process for those interested in investing in South Africa’s largest provincial economy, Gauteng Premier Nomvula Mokonyane on Thursday launched the Gauteng Investment Centre (GIC) – a one-stop business services facility offering domestic and foreign investors access to investment services and support from various tiers and agencies of government.

The Sandton-based GIC would offer information and research services, administrative assistance with business registration, pre-investment support services and investment aftercare.

The centre, which would be managed by the Gauteng Growth and Development Agency (GGDA), would further enable quicker investor approval turnaround times.

Speaking at the launch, Mokonyane said the establishment of the centre was in response to a call by the investment community to reduce the cost of doing business in Gauteng and simplify the procedural steps required to invest, but without compromising the policy objectives of the various agencies and entities.

“The GIC will include services such as company registration, tax registration and investment services and information, which would be provided by [in-house] representatives from the Companies and Intellectual Property Commission, the South African Revenue Service (Sars), State utilities, State-owned enterprises, municipalities and the Department of Home Affairs (DHA),” she commented.

MEC for Economic Development Mxolisi Eric Xayiya noted that the GIC was important to the Gauteng economy as it had the potential to significantly increase the economic multiplier effects of new investment projects.

“By exposing potential and existing investors and entrepreneurs to appropriate economic information, technology for business registration and overall business support and development services, we can reduce the cost of doing business in Gauteng and improve the competitiveness of the local industry in the world market,” he held.

Additional services would include project appraisal, which would be provided through collaboration with the GGDA's development finance partners, and involve assessing the case for processing a project or proposal as well as identifying and evaluating potential investments.

The centre would also provide potential investors with sector-specific economic data through the stipulation and dissemination of market intelligence and would, through collaboration with the Department of Trade and Industry – a critical project partner – supply business and work permits.

The GIC would further facilitate investor access to national and local government incentive programmes.

GGDA CEO Siphiwe Ngwenya added that agreements had been entered into with municipalities, government departments and the private sector, with partners including Sars, the DHA, Brand South Africa, The Gauteng Department of Agriculture and Rural Development, the Gauteng Funding Agency, the City of Joburg, EY and Mercantile Bank.

He noted that the facility’s partnerships with district and local municipalities were particularly critical, as many lacked the skills and capacity necessary to effectively promote and facilitate investment within their region.

“Given the GGDA’s mandate as the provincial investment promotion agency, our agreements with local government will make for a smoother and more uniform process of engagement with investors,” Ngwenya highlighted.

The centre would also undertake inward investment promotion missions, which would include hosting and coordinating inbound foreign and local business delegations, as well as undertaking outbound missions to promote Gauteng as a premier investment destination.