Issued by: Department of Foreign Affairs
Foreign Minister Alfred Nzo is committed to strengthening South Atlantic cooperation during his first official visit to Argentina today. On the second leg of his South American tour, Minister Nzo will meet with his Argentine counterpart, Mr Guido di Tella, in an effort to deepen political and economic relations with Argentina. His visit follows those by President Nelson Mandela in July 1998 and Deputy President Thabo Mbeki in September 1997, as well as the successful visit to South Africa by President Carlos Menem, when he was accompanied by a large business delegation in February 1995.
On his arrival in Buenos Aires, Minister Nzo said that "It is important that we deepen our bilateral relations with Argentina, so that these relations will act as strong pillars of support for the many multilateral projects to which our two countries are committed."
Argentina and South Africa, both enthusiastic promoters of South Atlantic cooperation, are in the process of an extensive dialogue on multilateral issues especially those affecting better cooperation in the areas of science, crime prevention, protection of marine resources, energy and international peacekeeping. It is hoped that these discussions will lead to stronger cooperation between Argentina and South Africa within the context of new global trends which favour regional partnerships. Trade between the two countries is steadily increasing and presently stands at around R 1.7 billion per annum. Argentina is also becoming one of South Africa's fastest growing sources of tourism, reaching a recent high of 33 000 visitors. Argentina has a GDP of $304 billion and has recently been praised by the IMF for the manner in which it has weathered recent international financial problems. The Argentine economy is still growing strongly and inflation is now almost down to zero. These factors should make Argentina an attractive destination for South African business, especially given the st flow of foreign direct investment in the Argentine economy and the fact that the Argentine Peso is linked to the USA Dollar.
ISSUED BY THE DEPARTMENT OF FOREIGN AFFAIRS PRETORIA 20 OCTOBER 1998