Taiwan and South Africa have had close relations in trade and investment. The bilateral trade amounts to around USD$ 1.8 billion per year. Mr.Musawenkosi Aphane, the head of mission of the Liaison Office of South Africa in Taipei said Taiwanese companies in South Africa employ around 45,000 South Africans and most companies engage in manufacturing and service industries. Bank of Taiwan, established in in 1992 in South Africa, has a full banking license in Johannesburg, thus allowing Taiwanese businesspeople to have more efficient and speedy banking service between Taiwan and South Africa. The South African representative said he hopes Bank of Taiwan will open more branches in his country citing the example that Investec and FNB (First National Bank) of South Africa have deals with banks in Taiwan and the financial transaction has exceeded USD$400 million.