SA, Egypt to increase business ties
South Africa and Egypt have agreed to increase trade and investment relations through identifying business opportunities in both countries.
South African Foreign Minister Nkosazana Dlamini Zuma concluded a visit to Egypt on Tuesday, 5 February, having met with President Hosni Mubarak and other political roleplayers.
Among these, the minister held talks with the Egyptian Minister of Trade and Industry, Rashid Mohamed Rashid.
“Within this context both ministers agreed that reciprocal trade missions will visit both Egypt and South Africa to identify trade and investment opportunities,” said the Department of Foreign Affairs.
Minister Dlamini Zuma also held discussions with her Egyptian counterpart Minister of Foreign Affairs Ahmed Aboul Gheit regarding the South Africa – Egypt Joint Bilateral Commission (JBC), on Sunday.
Ministers Dlamini Zuma and Gheit considered regional, continental and global political, economic and social issues and committed themselves to consolidating bilateral political and economic relations between South Africa and Egypt.
South Africa and Egypt cooperate in various multilateral forums especially in the World Trade Organisation.
Egypt is South Africa's third largest trading partner in North Africa, after Algeria and Morocco.
Work towards the removal of statutory and non-statutory barriers to trade between the two countries and closer co-operation in fields of agriculture and health are underway.
The Egyptians have also proposed a Free Trade Agreement between Egypt and the Southern African Custom Union.
Other potential areas of opportunity for South African companies in Egypt include processed food, pharmaceuticals and clothing and textiles.
PetroSA, Sun International and Sasol are among South African companies currently doing business with Egypt.
Between October 2006 and October 2007 South African exports to Egypt grew by 44% while imports declined by 64%. South Africa consequently enjoys a positive trade balance with the Republic of Egypt.
On Monday, Minister Dlamini Zuma held discussions with the Secretary-General of the Arab League Amre Moussa.
Upon conclusion of discussions, Minister Dlamini Zuma and Secretary-General Moussa signed an agreement to establish a Diplomatic Mission of the Arab League in South Africa.
Minister Dlamini Zuma arrived back in South Africa on Tuesday and is expected at the opening of Parliament and President Mbeki's State of the Nation Address.
Article published courtesy of BuaNews
