South Africa and Mauritania strengthen bilateral economic relations
South Africa and Mauritania have committed to enhance the Bilateral Economic Relations. The commitment was made in Pretoria today where the Minister of Trade and industry, Dr Rob Davies and the Mauritanian Minister of Commerce, Industry and Tourism, Ms Naha Mint Hamdi Ould Mouknass signed a Memorandum of Understanding (MoU) on Economic Cooperation. This will enable the two countries to explore trade and investment opportunities in the energy, mining, transport and communication infrastructure, agro-processing and tourism sector.
Minister Davies said the MoU on Economic Cooperation demonstrates the eagerness by both the governments of South Africa and Mauritania to strengthen bilateral economic relations. The MoU is in line with South Africa’s broad economic engagement framework for Africa.
“The primary aim of this MOU is to achieve mutual economic growth and development in a bid to accelerate regional and continental economic integration. We as government are striving to create a conducive business environment by removing impediments which affect business transactions between our business communities. The MoU is also aimed at facilitating economic activity between the two countries through business forums in economic sectors of mutual interest,” said Davies.
He urged the business community and state agencies to take full advantage of the MOU and to explore partnerships and joint ventures for the mutual benefit of their respective markets. Davies added that there was a need to encourage and accelerate intra-Africa trade and investment by removing non-tariff barriers and lowering transaction costs, amongst others. “We also need to create a conducive environment for the business community through the simplification of our domestic regulations,” emphasised Davies.
Mauritania Minister Ould Mouknass described the MoU as evidence of the will and commitment to allow both countries to stimulate commercial relations among businesspeople, industries and different sectors.
Trade between South Africa and Mauritania has been inconsistent during the period 2010/2014, recording several fluctuations in the total trade volumes. During the period 2010/11 trade between the two countries doubled in terms of volume, increasing by over 50% to reach its highest of R440 million over the five year period.
Enquiries:
Sidwell Medupe-Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
