South Africa's Minister of Trade and Industry Dr Rob Davies says that there has been improved economic governance in general across the African continent. He was speaking at the South Africa-Turkish Business Forum that held at Istanbul in Turkey. The business forum included break-away sessions and business to business meetings between South Africa's and Turkish business people.
Minister said the improved economic governance is underpinning the fact that Africa is experiencing a growth spurt. However, he said the challenge facing the Africa continent is to transform that growth spurt in a sustained effort and development.
Minister Davies told the gathering that Africa can not continue to grow simply on the bases of the supply of raw materials to fuel industrialisation process taking place elsewhere. He says in order to address this, the continent is engage in a series of exciting ventures to boost and expand regional integration.
According to Minister Davies, lack of infrastructure and also the lack of productive capacity are the biggest barriers to inter regional trade into Africa. He says to overcome this, we need to promote a significant industrialisation effort across the continent.
Davies also mentioned that bilateral relations between South Africa and Turkey are well below potential.
'In 2009, trade between South Africa and Turkey decreased significantly and this was mainly due to the global economic crisis. In total, trade decreased from R10.6 billion in 2008 to R5.1 billion in 2009 and further to R4.9 billion in 2010 after an upward trend from 2006 to 2008', he added.
Davies that the trade decrease is of concern but there is certainly room to grow the volume of two way trade and investment, create a more diversified balance of SA exports, a greater proportion of beneficiated and higher value goods and services in our export basket to Turkey.
Minister Davies is in Turkey for a two-day official visit meeting and will conclude his trip tomorrow by co-chairing the second session of the Turkey-South Africa Joint Economic Commission (JEC), which promotes trade, investment and economic co-operation between the two countries.
Enquiries:
Sidwell Medupe (Departmental Spokesperson)
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
