Issued by: The Department of Foreign Affairs
The Deputy Minister of Trade and Industry, Ms P Mlambo-Ngcuka, and the Ambassador of the Kingdom of Belgium, H.E. Ambassador Leo Willems, signed an Agreement between South Africa and the Belgo-Luxemburg Economic Union on the Reciprocal Promotion and Protection of Investment on 14 August 1998 in Pretoria.
Bilateral trade between South Africa and the BLEU has shown a pattern of solid growth. In 1997 SA exports to BLEU grew by 22,3% to R3,8 billion in constant (Belgian/Luxembourg Franc) terms, constituting 3.3% of SA's total exports; while exports of BLEU to SA grew by 11% to R2,75 billion, constituting 2,10% of SA's total imports. Total two way trade for 1997 was R6,55 billion. SA's positive trade balance with BLEU continues to grow.
The conclusion of the Reciprocal Promotion and Protection of Investment with the Belgium/Luxemburg Economic Union will stimulate direct foreign investment into South Africa and international access into the Belgium/Luxemburg markets. The agreement addresses the concerns of investors with regard to the security of their investments or proposed investments.
ISSUED BY THE DEPARTMENT OF FOREIGN AFFAIRS PRETORIA 14 AUGUST 1998