Angola is a strategic partner for South Africa with an enormous economic potential, it is endowed with mineral resources including crude oil, diamonds and other minerals. This was said by Minister of Department of Trade and Industry, Dr Rob Davies, at the SA/Angola Business Forum that was held in Pretoria today.
Minister Davies told business people that the Infrastructure Construction Programme (ICP) which is going on in Angola also offers enormous opportunities for business in delivering the most needed infrastructure for Angola. This includes housing, rail, road and port infrastructure. Furthermore the two governments gave full support to South Africa Angola Housing Initiative aimed at the reconstruction of Central and Eastern Angola.
Angola is our 10th largest supplier of imports into South Africa and is the only country in Africa which is in the top 10.The total value of imports in South Africa in 2009 was 11.7 billion and this year up to August the total was 11.1 billion and will exceed last year’s figures” said Davies.
He stated that South Africa is involved in conjunction with Angola and Namibia in the initial work on the Spatial Development Initiative, the Trans Kunene Corridor and the envisaged Namibe- Malanje and Cubango corridor.
‘We think that this developmental corridor could improve the transport logistics between the two countries by providing rail and road network to compliment the existing network and could contribute to the promotion of investment activities.”
Minister Davies further said that the Declaration of Intent on Financial Cooperation that was signed yesterday by President Zuma and his Angolan counterpart will enhance the trade relations between the two countries. “This means that three of South African institutions namely, DBSA, IDC, and Export Credit Insurance Corporation, which are involved in the provision of financial resources, will increase their efforts to make more financial resources available to support the growing partnership between the two countries’
In particular, the Development Bank of South Africa (DBSA), and Banco Africano de Investimentos (BAI), Angola’s largest commercial bank, have reached agreement on a historic line of credit of ZAR 1.75-billion that has been under negotiation since the firstever State Visit to Angola by South African President Jacob Zuma, and in the run-up to Angolan President Eduardo dos Santos’ first-ever State Visit to South Africa that is presently underway.
The two financial institutions expect to conclude the loan agreement in the coming months. The two countries further committed to the establishment of a formal business structure to discuss areas of mutual interest on trade and investment. In this regard sectors that have been identified include; mining, tourism, infrastructure, energy, as well as finance.
Enquries:
Sidwell Moloantoa Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Source: Department of Trade and Industry
