South Africa’s President, Jacob Zuma says the responsibility of politicians is to create favourable conditions for business to invest, grow the economy and create jobs that improve the quality of lives. He was speaking at the second session of the South Africa-Malaysia Business Forum that was held in Kuala Lumpur, Malaysia.
The South Africa-Malaysia Business Forum coincides with President Zuma’s official visit and is intended to boost political, economic and social ties with the Southeast Asia country.
The President said that growing economic ties is a crucial part of the bilateral relations between the two countries. He stated that investments by Malaysian companies in the new South Africa, was a sign of confidence by Malaysia in the prospects for growth and development. President Zuma also said trade relations between the two countries are balanced even if trade statistics show that a trade surplus has been in favour of Malaysia since 2008.
“Malaysian companies are still active in our economy. The latest trade figures confirm the growing links between South African and Malaysian companies. Total trade between Malaysia and South Africa has grown significantly from approximately R13.8 billion in 2008 to R19.7 billion in 2012. Also, exports from South Africa to Malaysia increased significantly between 2008 and 2012 and there is further potential for trade expansion”, mentioned Zuma.
South Africa’s Minister of Trade and Industry, Dr Rob Davies told the delegates at the Business Forum, that the two countries are in support of reviving and strengthening the bilateral trade and investment relations that started when South Africa gained its freedom.
Minister Davies added that they also support the re-establishment of the South Africa Malaysia Business Council. The council was launched by former President Nelson Mandela and former Malaysian Prime Minister Dr Mahathir in Kuala Lumpur, in March 1997. Tomorrow Davies will meet with his counterpart and will amongst other discuss the establishment of the joint Trade and Investment Commission for the two countries.
Malaysia is South Africa’s 8th largest export and import partner on the Asian continent, and South Africa remains Malaysia’s most important trade partner in Africa. Malaysia is the largest investor in South Africa from Southeast Asia and the current trade basket comprises a mix of finished products and raw materials.
This year, South Africa and Malaysia celebrate the 20th anniversary of the establishment of formal diplomatic relations.
Enquiries:
Sidwell Medupe
Departmental Spokesperson
Cell: 079 492 1774
Tel: 012 394 1650
E-mail: MSMedupe@thedti.gov.za
Twitter: @the_dti
