The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says more work needs to be done in order to increase trade between South Africa and Belarus. Magwanishe was speaking at the conclusion of the fourth session of the South Africa-Belarus Intergovernmental Committee on Trade and Economic Cooperation (ITEC) which took place in Pretoria today.

The purpose of the ITEC is to oversee the implementation bilateral Trade and Economic Cooperation Agreement that was signed between the two countries in 2000. The primary objective of ITEC is to strengthen and develop trade and economic cooperation between SA and Belarus.

Government officials from both countries spent the major part of the day exchanging ideas on various aspects related to efforts aimed at increasing mutually-beneficial and two-way bilateral trade and investment between the countries. These included possible cooperation on a variety of sectors such as automotive, manufacturing, rail and rail stock, mining equipment, agriculture and higher education and training.

“As a government department, we certainly welcome the opportunity for engagement that today’s session provided government officials and the political leadership with. It is an affirmation that both countries aim to comprehensively expand our bilateral trade and economic relations,” said Magwanishe
He added that statistics indicated that the two countries should increase their efforts aimed at increasing the volume of bilateral trade. In 2016 total trade between the two countries amounted to R63 million.
 
“We are collectively obliged to recommend solutions to the low levels of trade between South Africa and Belarus, as well as Africa in its entirety. We should create platforms for diversified exports, where a greater portion of beneficiated products are concerned,” said Magwanishe.
 
He mentioned various sectors for possible cooperation between South Africa and Belarus. These include automotive, rail and rail stock, mining equipment and agriculture.
 
The Deputy Minister of International Relations in Belarus, Mr Andriel Dapakiunas said ITEC provided a perfect platform for SA and Belarus to engage on ways and means of increasing trade and investment between the two countries.
 
“Our economies have complementary structures. There is a possibility for partnerships that can contribute in the development of industrial and agricultural sectors to facilitate the creation of new jobs in both countries,” said Dapakiunas.
 
Businesspeople from South Africa and Belarus will get a chance to exchange ideas on how to explore trade and investment opportunities that exist in both countries at a business seminar that will take place at the dti Campus in Pretoria tomorrow from 10:00.

 

Issued by Department of Trade and Industry