South Africa and Hungary yesterday signed an agreement on Economic Cooperation at the offices of the Department of Trade and Industry (the dti) in Pretoria. The agreement was signed on behalf of both governments by the South African Minister of Economic Development Ebrahim Patel and the Hungarian State Secretary of the Ministry for National Development and Economy Zoltan Mester.
Through this agreement, the governments undertake to work together towards developing and strengthening economic and industrial cooperation in areas of mutual interest. They will also encourage and facilitate contact and cooperation between business persons in their two countries in pursuance of commercial opportunities. To this end, the Parties agreed to:
* exchange information on their economic development priorities
* identify and facilitate investment and other economic opportunities
* promote economic and investment missions which bring together potential business partners
* exchange information on industrial fairs, exhibitions, missions and other promotional activities in both states
* explore possibilities of cooperation in third markets.
This agreement seeks to encourage trade and economic cooperation between Hungary and South Africa, through the exchange of business missions, sharing of information on trade and investment opportunities," said the Chief Director of Bilateral Trade Relations at thedti, Victor Mashabela.
He added that the agreement also created an official working relationship between the two countries as it establishes a Joint Committee that will meet periodically and at times to be mutually agreed by the two sides. The purpose of this committee will be to review progress on the implementation of this agreement and to discuss and agree on projects that will advance the bilateral trade and investment relationship between the two countries.
For further information, contact:
Bongani Lukhele
Tel: 012 394 1643
Cell: 078 526 8572
E-mail: BLukhele@thedti.gov.za
Issued by: Department of Trade and Industry
27 November 2009
Source: Department of Trade and Industry (http://www.thedti.gov.za)
