SA, Japanese ministers meet to discuss economic report

(Image: GCIS)

The proposal for a joint study was endorsed by the two ministries during a bilateral meeting that took place in Tokyo, Japan last June.

"This followed a mutual recognition that economic relationships could be deepened if both countries were to focus their cooperation in selected sectors wherein the potential for mutually beneficial outcomes existed," dti spokesperson Sidwell Medupe said on Sunday.

The study was concluded in May this year. It was undertaken by Mitsubishi Research Institute, HUDA Consulting and Mthenthe Research and Consulting Services.

The reports of the study highlighted certain areas of joint cooperation with a particular focus on sectors like auto components, mineral beneficiation and agro processing to foster further economic activities for increased trade between South Africa and Japan.

Among the measures identified in support of the identified sectors include technology and skills transfer, competitiveness improvement programmes, cooperation in downstream value addition and secondary processing of mineral resources, as well as increased trade and investment particularly in the identified agro processed products.

The two ministers welcomed the study as an important tool to give focused attention to the bilateral relationship and a valuable step in strengthening trade ties between the two countries.

The two leaders acknowledged that government in partnership with private sector has an important role to play in promoting a mutually beneficial and robust trade and investment relationship.

The ministers further directed officials to consolidate the recommendations emanating from the reports and develop a joint work programme to implement the recommendations in this regard.

Japan is an important export destination for South Africa. It is the third largest export destination for South Africa as well as an important traditional trading partner.