SA - Luxembourg trade relations on the table

Asselborn, who arrived in the country on Saturday, is expected to meet with Dlamini Zuma at the Presidential Guest House on Monday.

They are expected to discuss the status of bilateral relations, the implementation of the Africa-European Union Strategic Partnership Action Plan, the African Union and the Southern Africa development Community (SADC) integration process, as well as the United Nations and its comprehensive reform.

The meeting will also facilitate an understanding of African perspectives on a variety of issues, considering Luxembourg's participation in the EU General Affairs and External Relations Council (GAERC) and the UN Peace-Building Commission (PBC).

Asselborn is also expected to visit Cape Town to pay a courtesy call on the Speaker of Parliament Lindiwe Mahlangu-Nkabinde, and the Mayor of Cape Town Helen Zille, accompanied by a delegation of investment fund managers on Tuesday.

According to a statement issued by the Department of Foreign Affairs, Luxembourg, as a fully fledged and active member of the European Union and the United Nations, is an important partner to South Africa.

South Africa has received regular affirmations of support from Luxembourg, particularly during the negotiations with the European Union on a new trade dispensation.

South Africa exported goods to the Belgium - Luxembourg Economic Union worth about R27 billion last year, representing a 25% increase. Imports from the Union increased by 2% on the previous year to reach approximately R15 billion.

South Africa enjoyed a positive trade balance to the value of R12 billion in 2007 and current indications are that these figures for 2008 will continue to grow.

Coinciding with Deputy Prime Minister Asselborn's visit, the Association of the Luxembourg Fund Industry (ALFI) will be hosting fund industry seminars in Johannesburg on Monday and in Cape Town on Tuesday.

The Luxembourg Fund Industry is ranked second largest in the world with more than 1,896 billion Euro of assets under management. Luxembourg funds represent 75.4% of true cross-border fund distribution and are also widely distributed outside Europe, including in South Africa.

The most recent developments in the Luxembourg Fund Industry will be presented during the seminars, which Asselborn will address himself.

Article published courtesy of BuaNews