South African Minister of Trade and Industry (the dti), Dr Rob Davies, says trade relations amongst India Brazil South Africa (IBSA) countries have improved significantly in the midst of the wave of the global economic recession. Davis was speaking at the IBSA Business Forum that was held at Centurion today. The Business Forum was also attended by his Indian and Brazilian counter parts.
Speaking at the function, Minister Davies said IBSA has done well in the targets it set for increasing intra trade. ‘We have set ourselves a target of achieving 10 billion US dollars of a combined intra IBSA trade by the year 2010, and in fact we achieved that in 2009, in the midst of the first wave of global economic recession,’ said Davies.
The Minister mentioned that the current figures are suggesting that the new 2015 IBSA intra trade will be achieved. ‘The current figures suggest that in 2010 we achieved 16.1million US dollars, which places us somewhere in striking distance to achieve the current target which is 25 billion dollars combined intra trade by the year 2015,’ he added.
He told business people that IBSA countries have areas that they are competitive as emerging industrial economies of the world. However, Davies urged them to build the trade relations based on the areas of complementary.
He further said that what is valuable about IBSA is that it is not only talking about trade, but also about practical cooperation.
‘As South Africa, we have learned an enormous amount in terms of our own policies on small business development from the relationship which we have in the tri-nation with NSIC of India and the Sebrae of Brazil. We follow very closely what you are all doing in terms of Industrial Policy. We study what you are doing, we learn from you and it help us enormously and we hope as well that we are able to contribute in terms of the development of your own policies as well,’ said Davies.
Minister Davies also called for the establishment of IBSA CEOs Forum with permanent secretariat that will continuously assess what need to be done to enhance IBSA business cooperation.
Today’s business forum is part of the fifth IBSA meeting that is being hosted by President Jacob Zuma and resolutions of the forum will be table at tomorrow’s sessions of the Heads of State and Government Dialogue .
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
