JOHANNESBURG - Following President Cyril Ramaphosa working visit to Luanda, Angola earlier this year in March, where he pronounced that South Africa will continue to work to increase cooperation with Angola at higher levels and the State Visit to South Africa by Angolan president, João Lourenço in November 2017, the Deputy Minister of Trade and Industry Bulelani Magwanishe will lead a business delegation to Angola on a Trade and Investment mission .
The mission will take place from 16-21 July 2018.
According to Magwanishe, the mission grants the Department of Trade and Industry (the dti) with the prospect of continued economic collaboration and partnerships with African countries for the realisation of higher levels of industrialisation through sustainable trade and investment.
As Angola seeks to address the triple economic challenges of poverty, inequality and unemployment through industrialisation and the diversification of its economy, Magwanishe says South Africa can consider this mission as a strategic intervention of its investment-led trade approach. This approach aims to position South Africa as the preferred trade and investment partner to the new Angolan government through commercial exchanges in the targeted sectors of this mission.
“South Africa’s economy is linked to other economies, especially those in Southern Africa, and is therefore obligated to stimulate economic development through promoting outward investment, trade, regional industrialisation and infrastructure development. Angola remains a strategic and significant trading partner to South Africa and the two countries enjoy strong bilateral relations with total trade currently amounting to R25,6 billion,” says Magwanishe.
According to Magwanishe, the mission is anticipated to see an increase in trade and investment between South Africa and Angola, the strengthening of existing relations between the two countries and the formation of commercial partnerships and joint ventures.
The business delegation will consist of 20 South African companies funded by the dti. These companies represent the aerospace and defence, built environment professionals (consulting engineers, civil engineering contractors), mining products and services; and infrastructure (road construction, housing development) sectors. The mission will include a trade and investment seminar, targeted business to business meetings and sector specific site visits.
- BUSINESS REPORT ONLINE