Minister Nkoana-Mashabane to promote SA in Germany
International Relations and Cooperation Minister Maite Nkoana-Mashabane is set to promote South Africa as a trade and investment destination of choice to Bavarian business.
The Minister is undertaking a working visit to Munich, Bavaria, from Monday until Tuesday. She will also co-chair the ninth SA-Germany Bi-National Commission.
“The potential to grow trade and investment relations between South Africa and Bavaria is considered to be immense,” the Department of International Relations and Cooperation (DIRCO) said on Sunday.
The Minister will meet with high-level business people as well as the Bavarian Minister of European Affairs and Regional Relations, Beate Merk.
Bavaria is the largest of the 16 German federal states in Germany.
“It is a strategic economic hub and the second wealthiest region in Germany, with the state’s GDP amounting to Euros 549.2 billion in 2015, meaning that Bavaria surpasses 19 of the 28 EU countries’ economies.
“The Bavarian economic output per resident is above the German and European averages, making Bavaria one of the markets with the highest levels of purchasing power in the world,” DIRCO said.
Bavaria is one of South Africa’s big trading partners. It is the headquarters of multinational corporations such as BMW, Audi, Adidas, Puma, Siemens, Munich Re, Allianz, Bosch Global Security, Kuka and MAN.
The total volume of trade in 2015 between Bavaria and South Africa was Euros 1.6 billion, while in 2015, imports from South Africa to Bavaria were Euros 461 million. This is an increase of 4.4% in comparison to 2014.
BMW invested R6 billion in South Africa in 2015 after awarding a contract to its plant in Pretoria for the production of the new generation BMW X3 modest cars for the domestic and export markets.
Other significant partnerships between South Africa and Bavaria include the signing of the Sister Airports Agreement between Airports Company South Africa (ACSA) and Munich Airport Group, where they agreed on areas of strategic cooperation and information sharing.
Source: South African Government News Agency.