The Department of Trade and Industry (the dti) will lead a delegation of more than 30 South African enterprises to the Moscow International Trade Initiative (ITI) in Russia from 26 to 30 March 2012.
The Minister of Trade and Industry, Dr Rob Davies says the purpose of the mission is to introduce local firms to the Russian market with the aim of assisting South Africa's new and existing exporters to gain entry into this market for the purpose of making export sales, establishing trade leads and strengthening existing networks within these markets.
Davies says that the ITI is part of the dti's export and investment promotion strategy that focuses on Russia, amongst others, as a high growth export market.
"The objectives of the ITI are to create market penetration for South African value added products and services and to promote South Africa as a trade and investment destination. This ITI is a follow up to the Presidential State visit to Russia which recommended efforts to increase trade between the two countries. The activities will include trade and investment seminars, mini exhibitions and business to business meetings," he added.
The following sectors will participate in the International Trade Initiative (ITI):
- Agro-processing
- Mining and capital equipment
- Oil and gas
- Metals, and aerospace enterprises
Minister Davies says South Africa's exports basket to Russia is dominated by primary sector products, particularly the agricultural sector consisting of citrus fruits, apples, and pears, whereas the Russian Federation exports basket is concentrated more on fabricated products.
According to Davies, there has been a substantial growth in total trade between the two countries from 2006 to 2011 (from R2.566.2 billion to R3.261.705 billion respectively). South African exports increased from R670 million in 2006 to R2.020.4 billion in 2011.
Russia is the world's 7th largest economy by nominal GDP and the 6th largest by purchasing power parity. It is also South Africa's 41st export destination.
Enquiries:
Sidwell Medupe (Departmental Spokesperson)
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
