Cape Town - South Africa and the United Arab Emirates (UAE) hope to strengthen their R28 billion trade relationship through investment in South Africa’s agricultural sector.
This was the focus of discussions during Thursday’s meeting between Economic Development Minister Ebrahim Patel and UAE Minister of Economy Sultan Bin Saeed Al Mansoori at a city hotel. Al Mansoori arrived in South Africa on Wednesday with his delegation for an official three-day visit to the country.
Patel said the partnership was important as it represented an entry for South Africa into the Middle Eastern market.
“We want to boost the level of trade and do it through the export of products between our countries, diversify our economic relationship and see where we can strengthen opportunities for investment,” he said.
Patel said there was a growing market in the UAE for South African exports, which included citrus fruit and diamonds. South Africa, he said, was a big importer of petroleum products from the UAE.
Al Mansoori said the current relationship between the countries was strategic, but both were now looking to develop a relationship in other sectors, specifically innovation and agriculture.
“South African businesses are very familiar with the UAE. We have been working together for the past 20 years and have been very successful. We import 10 percent of South Africa’s coal and 40 percent of the diamonds produced,” he said.
In collaboration with South Africa, they were keen to invest in agriculture.
“This industry has great potential. Our region is trying to address the issue of food security through co-operation with other regions, and geographically South Africa is the right partner for us,” he said.
South Africa’s SMMEs were also one of the sectors in which Al Mansoori said the UAE would like to assist.
“Almost 60 percent of our GDP contribution comes from SMMEs and we want to raise it to 90 percent in the next 10 years.
“We can’t do it alone, so we are encouraging building new relationships with SMMEs in countries like South Africa. In this way we will also be able to expand exports of products from South Africa to the United Arab Emirates,” he said.
Cape Times