South African Minister of Trade and Industry, Dr Rob Davies and his Beninese counterpart Safiou Idrissou Affo have agreed to deepening bilateral economic relations between the two countries. This was agreed during a bilateral meeting which they held on the side-line of the third India-Africa Trade Minister meeting in Sandton, Johannesburg today.
Davies says that even though bilateral trade between the two countries is low, it has increased by 51% between 2011 and 2012.
“South African’s exports increased by 37% and imports increased by 13.7% during the same period. The increase was particularly in the sectors of agriculture, agro-processing, infrastructure development and energy. Also, trade statistics depict a trade balance in favour of South Africa for the past five years,” said Minister Davies.
The bilateral relations between South Africa and Benin are currently driven by a Joint Trade and Investment Committee (JTIC) which was launched early last in in Benin. The objective of the JTIC is to ensure the implementation of the Memorandum of Understanding (MoU) on Economic and Technical Cooperation that was signed in August 2011.
In July this year, the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe, led a Business Mission to the Republic of Benin. Davies says the Mission served as an ideal opportunity for South African companies to export value added products and services, which is in line with the Industrial Policy Action Plan (IPAP).
The Minister further said economic growth in Benin presents wealth of business opportunities for South African companies to access other markets in West Africa.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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