The Deputy Minister of the Trade and Industry, Ms Elizabeth Thabethe, will lead a delegation of approximately 45 South African business people on an Investment and Trade Initiative (ITI) to Harare and Bulawayo in Zimbabwe from 26 to 30 March 2012.
This ITI is part of the Department of Trade and Industry's (the dti’s) Export and Investment Promotion Strategy that focuses on targeted high growth markets with the objective of creating investment and export opportunities for South African companies and of promoting South Africa as a trade and investment destination.
The business delegation comprises of companies in the following sectors: Infrastructure (rail, telecommunication and energy), manufacturing, agriculture and agro-processing, mining and mining capital equipment, as well as information and communication technology (ICT) seeking to export South African Value added products and services; or joint venture partnerships with Zimbabwean companies.
Planned activities include an exhibition, business seminars and business-to-business meetings, providing opportunities to create market penetration for South African value-added products and services in Zimbabwe.
“The South African Government is committed to the development and recovery of Zimbabwe and we are confident that the ITI will go a long way in enhancing economic cooperation with Zimbabwe. South Africa and Zimbabwe are not only geographical neighbours. The two countries share historical and cultural linkages. Furthermore, South Africa’s economy is inextricably linked to Zimbabwe’s economy. Due to its geographical proximity to South Africa, Zimbabwe’s political and economic welfare has a direct impact on South Africa,” said Thabethe.
She added that trade between the two countries stood at R20 billion in 2011.
‘Prior to its decline, Zimbabwe was Southern African Development Community’s (SADC) second largest economy, after South Africa. Zimbabwe boasts a diversified and industrialised economy, an important factor in the context of SADC’s moves towards fuller regional economic integration and encouraging value-added exports from the region;’ said Thabethe.
At present, a number of South African companies continue to operate in Zimbabwe principally in the mining, tourism, agriculture, banking and retail sectors. Foreign Direct Investment (FDI) by South African entities in Zimbabwe between 2003 and 2010 amounts to US$ 619 million, while inward FDI from Zimbabwe to South Africa between 2003 and 2010 amounts to US$ 154 million.
Deputy Minister Thabethe was last week in India also on an Investment and Trade Initiative (ITI). She told business people at a business seminar that a target of US$15-billion trade between South Africa and India that was set to be attained by 2014 could be reached earlier than governments of the two countries had anticipated.
Enquiries:
Sidwell Medupe
Departmental Spokesperson
Cell: 079 492 1774
Tel: 012 394 1650
E-mail: MSMedupe@thedti.gov.za
