In her opening remarks to the Fifth Inter-governmental Committee on Trade and Economic Co-operation (ITEC), the Minister said the cooperation had moved from being theoretical to more practical.
Minister Dlamini Zuma further congratulated business delegations, who on Monday convened a Business Forum to promote strong economic ties between the two countries" and South Africa's government's keen interest "to see levels of investment increasing in both countries".
The Trade and Industry Chamber of South Africa (Chamsa) signed an agreement with the Russian Chamber of Commerce to strengthen the existing economic and trade relations.
Speaking at the signing ceremony, Natural Resources Deputy Minister Valentin Stepankov said a Russian company had invested over a billion dollars in South Africa and he hoped the trade would grow.
Stepankov was referring to the Kalahari Manganese Project, in which a Russian mining company, Renova, is in partnership with a South African Small Micro Medium Entity, Setshaba Holdings, for exploration, mining and processing of manganese ore in the Kalahari Basin.
"Our task is to increase the volume of co-operation. Our economic relations have a vast potential to increase, in order to expand, we need to increase the number of contracts between our countries."
South Africa's Minerals and Energy Director General Sandile Nogxina said the two countries had been doing fruitful business in the past, however this had been done in an unstructured manner.
Nogxina said a number of South African companies such as brewer SAB Miller, diamond producer De Beers and Mvela Holdings were already operating in Russia.
However, he urged business from both countries to seize opportunities provided by ITEC.
"ITEC is appropriate for you to identify those opportunities. Trade is not done by governments but you the business people. The ball is in your courts as business, government has done its role," said Nogxina Dlamini Zuma also expressed her satisfaction that Russia would be chairing a G8 summit next year.
"South Africa looks forward to Russia chairing the G8, but not only South Africa but the African continent at large and hopes to continue co-operation on international issues such as the reform of the United Nations."
The Fifth Session of ITEC between the Russian Federation and South Africa began yesterday.
The session was co-chaired by Minister Dlamini Zuma and Mr Yuri Trutnev, Minister of Natural Resources of the Russian Federation.
While in Moscow, the Minister will also hold bilateral discussions with Prime Minister Mikhail Fradkov. - BuaNews
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