HC Deb 16 March 1978 vol 946 cc305-7W
Mr. Hooley

asked the Secretary of State for Trade what was the gross amount remitted from South Africa to the United Kingdom arising out of British corporate assets in South Africa for each of the last five years.

Mr. Clinton Davis

The information available relates to receipts of interest and dividends from the direct investment by United Kingdom companies, other than oil companies, in subsidiaries and associates in South Africa and the total net profits from their direct investment in branches in South Africa. This amounted to £56 million in 1973, £70 million in 1974, and £87 million in 1975, the latest year for which information is available.

Mr. Hooley

asked the Secretary of State for Trade if he will list the total value of imports from and exports to South Africa for each of the last five years.

Mr. Clinton Davis

Following is the information:

Imports (£ million c.i.f.) Exports (£ million f.o.b.)
1973 401.2 374.3
1974 558.4 530.9
1975 632.6 690.0
1976 614.8 653.2
1977 879.8 581.1

Mr. Hooley

asked the Secretary of State for Trade what was the gross value of official British aid or relief to promotional organisations and companies wishing to invest in or trade with South Africa for each of the last five years.

Mr. Clinton Davis

BOTB direct expenditure on the promotion of exports to South Africa by way of support for participation in trade fairs, assistance to outward and inward collective missions, export marketing research, etc. has been as follows:

£000
1973–74 (estimated) 246
1974–75 (actual) 288
1975–76 (actual) 242
1976–77 (actual) 260
1977–78 (estimated) 228
(representing about 1.3 per cent. of the world total).

There is no direct expenditure designed to promote investment in South Africa. Companies operating there are subject to the same tax and exchange control arrangements as apply to overseas investment elsewhere.

Mr. Hooley

asked the Secretary of State for Trade what has been the level of new British capital investment in

£ million
1973 1974 1975
Direct investment other than unremitted profits of South African subsidiaries and associates of United Kingdom companies -19 35 29
Unremitted profits of South African subsidiaries and associates of United Kingdom companies 105 143 124
Total direct investment 86 178 153

Mr. Hooley

asked the Secretary of State for Trade what is the value in total of British corporate assets in South Africa.

Mr. Clinton Davis

The total book value of British investments, both direct and indirect, in South Africa, including South West Africa, as estimated by the Reserve Bank of South Africa was £4,817 million at the end of 1976.

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