South Africa’s Minister of Trade and Industry, Dr Rob Davies, says South Africa is not a developed country. He was speaking at the second session of the South Africa-India Chief Executive Officers Forum (SA-India CEOs forum) held at New Delhi, India.
Davies told delegates that the fact that South Africa might have some institutions that are comparable to those of the developed world, does not say it is a developed country.
"The challenges that we faced with are definitely of development. We have huge inequalities, poverty, and we have a glaring significant problem of unemployment in our country," said Davies.
He added that fellow developing countries, when they engage in trade and cooperation arrangement should know that they will very often have very similar manufacturing sectors and complimentary things.
"There are things that you (India) can do better than us, that we won’t be doing, and also there are things that we (South Africa) do, that you won't be doing as India. So, we must decide whether we want to build our corporation on the bases of the things that we are directly competitive, or where we are complimentary."
Minister Davies further mentioned that the over-valued of the rand is a big barrier to the manufacturing sector.
The SA-India CEO’s forum is a platform for business community interaction between the two countries and is co-chaired by Ratan Tata from the Indian side and Mr Patrice Motsepe from the South Africa side.
The meeting resolved to further enhance cooperation on the following sectors:
financial services (banking), pharmaceutical and health, mining, manufacturing, and infrastructure and energy.
Earlier, Davies told the South African CEOs that government is committed to support them in becoming more involved in India. He says this is based on the solid relations that the two countries have.
Tomorrow, 30 August, Minister Davies will travel to Oslo, Norway, to take part in the upcoming state visit by President Jacob Zuma.
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Source: Department of Trade and Industry
