The Department of Trade and Industry (DTI) will lead a delegation of more than 30 South African enterprises to the Moscow International Trade Initiative (ITI), in Russia, this week.

Trade and Industry Minister Dr Rob Davies said the purpose of the mission is to introduce local firms to the Russian market with the aim of assisting South Africa’s exporters to gain entry into this market and make export sales, establish trade leads and strengthen existing networks.

“The objective of the ITI is to create market penetration for South African value added products and services and to promote the country as a trade and investment destination,” he stated.

Davies added that the ITI is part of the DTI’s export and investment promotion strategy that focuses on Russia, among others, as a high-growth export market.

“This ITI is a follow up to the Presidential State visit to Russia, which recommended efforts to increase trade between the two countries. The activities will include trade and investment seminars, mini exhibitions and business-to-business meetings,” he said.

Sectors that will participate in the ITI include agro-processing, mining and capital equipment, oil and gas, as well as metals and aerospace enterprises.

Davies said South Africa’s exports basket to Russia is dominated by primary sector products, particularly the agricultural sector consisting of citrus, apples and pears, whereas the Russian exports basket is concentrated more on fabricated products.

He pointed out that there had been substantial growth in total trade between South Africa and Russia from 2006 to 2011, resulting in a rise from R2.57-billion to R3.26-billion.

South African exports increased from R670-million in 2006 to R2.02-billion in 2011.

Russia is the world’s seventh-largest economy by nominal gross domestic product and the sixth largest by purchasing power parity. It is also South Africa’s forty-first export destination.

Meanwhile, Deputy Trade and Industry Minister Elizabeth Thabethe will also lead a delegation of about 45 South African business people on an ITI to Harare and Bulawayo, in Zimbabwe this week.

“The South African government is committed to the development and recovery of Zimbabwe and we are confident that the ITI will go a long way in enhancing economic cooperation with Zimbabwe,” said Thabethe.

Trade between the two neighbouring countries stood at R20-billion in 2011.

Last week, the Deputy Minister was at an ITI in India.