South Africa and Slovak Republic have agreed to boost bilateral economic relations. This is contained in a joint declaration that has been signed by the two countries at the end of the 4th session of the Slovakia-South Africa Joint Council for Economic Cooperation that was in Bratislava, Slovakia. The South African side was led by the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe and the Slovak side was led by the State Secretary of Economy, Mr Pavol Pavlis.
Thabethe says that the principal objective of the session was to establish a roadmap for bilateral cooperation focused on increasing the volume of trade, enhancing full cooperation in the field of industry and on encouraging and facilitating the expansion of bilateral investment. She says this was done by identifying the economic and investment opportunities in the respective countries.
Deputy Minister Thabethe added that both countries noted the large contribution of the automotive sectors to bilateral trade and emphasised the importance of promoting the diversification of the sectors and products traded between the two countries.
"In light of the weak global economy, we have agreed to develop closer cooperation in the areas including the following sectors: automotives, including automotive components, agro-processing, medical equipment, pharmaceuticals, infrastructure, renewable and nuclear energy, ICT, tourism, glass industry, fresh and processed foods, as well as wines", added Thabethe.
The parties also agreed to share information concerning their countries’ official international fairs or exhibitions. Deputy Minister says this will encourage interaction between companies from both countries in global events, which could result in increased business. Thabethe together with her counterpart Pavol Pavlis, have agreed to evaluate the signed declaration every six months.
Total trade between South Africa and Slovakia had been increasing consistently over the years. In 2011 bilateral exchange of goods between Slovakia and South Africa amounted to R792 million, an increase of 14% in comparison to 2010 (R720 million). South African exports to Slovakia in 2011 amounted to R13 million, an increase of 18.1% in comparison to 2010. Slovak exports to South Africa amounted to R779.5 million, an increase of 9.6% comparing to 2010 (R709.7 million). Currently the balance of trade is in favour of Slovakia by R766.5 million
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Cell: 079 492 1774
Tel: 012 394 1650
E-mail: MSMedupe@thedti.gov.za
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