Arab – South Africa trade and investment vision
In his opening remarks Minister Rob Davies of Trade and Industry (DTI) for South Africa congratulated Palestine for its membership of the International Criminal Court (ICC). He was speaking at a luncheon hosted by Palestinian Ambassador to South Africa H.E Mr Abdelhafiz Nofal at his residence in Tshwane/Pretoria for the Council of Arab Ambassadors.
It created an opportunity for the Minister and the representatives to interact on the current trade relations and investment opportunities and to brief each other on how economic cooperation between South Africa and the Arab countries can be further enhanced.
Mainly oil and gas energy resources from the Arab countries accounted for the US$ 10 billon imports to South Africa while agricultural goods and other manufactured products and services accounted for the US$ 1.5 billion exports to Arab countries.
Investment in infrastructure, agriculture and mining were some of the talking points that lead the discussions.
Well managed sovereign funds by Arab countries has seen a boom in the tourism, infrastructure and real estate sectors. The cooperation of Arab capital together with African natural resources of land, water and expertise has proved successful in the agricultural sectors.
Other innovations in renewable energy, tourism, health and education also need serious focus if economic relations are to be enhanced the discussions concluded.