Fransman encourages economic diplomacy

Tuesday, April 24, 2012

Pretoria- International Relations and Cooperation Deputy Minister, Marius Fransman, has encouraged interactions between the diplomatic corps and local business saying they play a vital role in the promotion of economic development, entrepreneurship and skills development.

Speaking in Cape Town during a meeting themed Promoting Economic Diplomacy, Fransman encouraged the diplomatic community to interact with local business communities so as to better understand the challenges they face and to identify cooperation and investment opportunities.

The meeting was attended by the BRICS (Brazil, Russia, India, China, South Africa) diplomatic representatives, as well as representatives of local government, the small and medium enteprises.

Fransman said BRICS nations should continue to address these challenges when signing agreements, including those pertaining to skills development and training.

Marketing the country, Fransman told the guests that in 2010, South Africa, as a resource economy, was estimated to possess approximately US$ 2.5 trillion in mineral wealth, making the country one of the wealthiest mining jurisdictions in the world.

Despite this, South Africa continues to export most of its minerals as semi-processed minerals rather than high value, intermediate to finished products.