Pretoria - Trade and Industry (dti) Minister Rob Davies says the trade mission to Peru that the department is undertaking forms part of efforts to improve bilateral trade relations and increasing trade and investment in Latin America.
“In 2013 we undertook a technical mission to Peru and Chile with the aim of scoping the market and identifying trade and investment opportunities for South African products and services, including opportunities for joint ventures.
“Based on the recommendations of the technical mission, our department supported 21 companies on an Outward Trade and Investment Mission (OTIM) to Peru and Chile, last year. This year, we are not only taking 18 companies to Peru, but we will also be sending officials on a scoping mission to Colombia,” said Minister Davies.
This as the dti will be accompanying 18 business people to the Peru’s capital Lima from 24 to 29 May.
The Minister added that the mission underscores the department’s efforts to build mutually beneficial regional and global relations to advance South Africa’s trade, industrial policy and economic development objectives.
“The mission to Peru will provide the South African companies with an opportunity to penetrate the Latin American market which is not only about Brazil, but more about the Pacific Alliance, a trade bloc that includes Chile, Colombia, Peru and Mexico.
“The bloc offers greater export and investment opportunities. Brazil is not only our partner in the Brics (Brazil, Russia, India, China and South Africa) and IBSA (India, Brazil and SA) blocs, but they are already our largest trading partner in Latin America. We have identified a need to strengthen bilateral trade relations with other countries in the region including Peru,” explained Minister Davies.
Minister Davies said one of the dti’s strategic goals is to grow the South African manufacturing sector in order to promote industrial development, job creation, investment and exports.
To achieve this objective, the department embarks on international missions in order to promote exports of South African value-added goods and services to increase market share in markets in various regions of the world. This will enable South African businesses to access global markets which will lead to them increasing their production, thereby growing the South African economy and creating employment.
According to the World Bank, Peru, with a population of more than 30 million people, is one of Latin America’s fastest growing economies and is expected to remain as such in the medium term. The most recent estimates of real Gross Domestic Product growth of 3.5% for 2014 are above the regional average of 1.2%. – SAnews.gov.za
