Russia presents a wealth of business opportunities for South African goods and services, given the size of the market and the demand for foreign products. This is according to the Minister of Trade and Industry, Dr Rob Davies ahead of the sixth Investment and Trade Initiative (ITI) to Russia where a delegation of South African companies in agriculture and agro-processing, mining and capital equipment sectors will participate.
The ITI is an initiative of the Department of Trade and Industry (the dti) to increase trade and investment between South Africa and Russia. This year the ITI will take place in the Far East Region of Russia, Vladivostok from 3 to 6 December 2013.
According to Davies, the ITI is expected to assist the participating companies to promote investment opportunities, explore joint ventures with Russian companies and provide a platform to promote South African products to potential new customers.
Twenty eight (28) companies participated in the fifth ITI to Russia in December 2012 and generated a total of R1, 950 million worth of exports, six months after the ITI,” says Davies.
The planned activities will include a trade and investment seminar, business to business meetings, round table discussions and site visits.
The Economic and political relations between South Africa and Russia are governed under the Intergovernmental Committee on Trade and Economic Cooperation (ITEC) which was established through the Trade and Economic Cooperation Agreement signed between South Africa and Russia in 1993. ITEC is co-chaired by the Minister of International Relations and Cooperation of South Africa and the Minister of Natural Resources of Russia, and has been instrumental in advancing economic relations between the two countries.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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