Pretoria - Trade and Industry Deputy Minister Mzwandile Masina is today leading a South African delegation to the 2nd Indian Ocean Rim Association (IORA) Ministerial Economic and Business Conference in Dubai.
Taking place from Monday to Wednesday, the IORA conference brings together trade and industry ministers from across 21 member states, seven dialogue partners, leading business representatives, international organisations and other stakeholders connecting companies with investors, showcasing innovation and fostering entrepreneurship.
The conference will be held under the theme ‘Small and Medium Enterprises (SMEs) and Innovation investing in a Sustainable and Inclusive Future’.
Deputy Minister Masina will also attend an Annual Investor Meeting (AIM), which is hosted under the patronage of Sheik Mohammed Bin Rashid Al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai.
The AIM conference focuses on attracting foreign direct investment. South Africa’s Investment Agency, Invest South Africa, has been nominated for an investment award.
Deputy Minister Masina said investment holds an important role in the process of economic development in the country and region. He said South Africa’s priorities at the IORA conference will be the Blue Economy as set out in Operation Phakisa.
“Our priority sectors within this programme are marine manufacturing and marine transport, aquaculture, oil and gas exploration, marine protection and governance,” said Deputy Minister Masina
He said Operation Phakisa provides immense opportunities for economic growth, increased foreign direct investment and job creation for the country and its trade partners, especially within the IORA region.
It is estimated that the Blue Economy could contribute around R177 billion to gross domestic product and create a million jobs by 2033.
South Africa will also prioritise at the IORA conference the role of SMEs innovation and women empowerment. – SAnews.gov.za
