The Deputy Minister of Trade and Industry, Thandi Tobias-Pokolo has called on South Africa and Cuba to speed up the signing of the agreement on the promotion and reciprocal protection of investment to encourage investment links between the two countries.
Tobias-Pokolo was speaking at the South Africa to Cuba Business seminar which was held at the Salon de la Solidaridad at the Hotel Habana Libre, Havana, Cuba, yesterday. The event drew participants from the Cuban Chamber of Commerce, as well as the South African business delegation from sectors ranging from infrastructure design and development, capital equipments and wines that are participating at the 27th Havana Trade Fair.
She referred to the R926 million debt owed by Cuba that South Africa cancelled in 2008 in order to encourage bilateral trade flows. She reflected on the impact of the global recession on bilateral trade flows between the two countries, which have decreased in 2008 for items such as rum and cigars, Cuba’s main exports items to South Africa.
Tobias-Pokolo also expressed her satisfaction with South Africa’s participation in the Havana Fair over the past few years. She encouraged both countries to consider using digital means to reduce the cost of exhibitions for countries as far from each other as South Africa and Cuba.
She assured Cuba that the country remains a strategic partner for the new South African administration under President Jacob Zuma, who will be paying a state visit to Cuba in the near future. Investment opportunities in the mining and energy sector in Cuba were highlighted as important areas of future cooperation together with the export of capital equipments and machinery for production in agriculture, energy and mining.
In response, the Cuban Deputy Minister of Foreign Investments and Foreign Trade, Ramon Ripoll, acknowledged the effort that South Africa has made in maintaining a permanent presence in the Havana Fair and the improvement in the South African stand over the years. He also expressed his pleasure at the increasing number of the South African business delegations that have accompanied the various Deputy Ministers and Minister of Trade and Industry.
For more information contact:
Sidwell Medupe
Tel: 012 394 1650
Cell: 072 571 9885
E-mail: MSMedupe@thedti.gov.za
Issued by: Department of Trade and Industry
5 November 2009
Source: Department of Trade and Industry (http://www.thedti.gov.za/)
