JOHANNESBURG, South Africa and Indonesia have agreed to identify sectors to exploit investment opportunities following a meeting between Trade and Industry Minister Rob Davies and his Indonesian counterpart, Enggartiasto Lukita, the Department of Trade and Industry (dti) says.
The two ministers met in Midrand, Johannesburg, on Friday during the 3rd Bilateral Joint Trade Committee Meeting, which was followed by the South Africa-Indonesia Business Forum, the department said in a statement here Monday.
The two sides discussed a study on trade complementarities in order to identify potential sectors and goods which could be exploited to boost bilateral trade and investment. They agreed to work closely to facilitate the business-to-business contact and to support each other’s endeavours towards diversity in exports, as well as to improve the structure of trade further.
Davies said South Africa was looking for productive activities and investments interests. “It is therefore paramount to interrogate the study that was done by the two to identify the challenges pertaining to investments, he added.
Both Ministers also agreed that identifying these sectors will ensure that business communities from both countries optimise benefits from the existing complementarities in terms of the investments. Currently investments between the two countries are non-existent and this is an opportunity for both countries to explore areas of investments and trade.
Davies said trade between the two countries had seen a steady increase over the last two years and had a potential to grow.
Two-way trade experienced relative upward trend since 2012, growing from 12 billion Rand (about 926 million US dollars at current rates) in 2012 to 13 billion Rand in 2016.
Lukita, noting that South Africa is an important trading hub in the world and also a gateway for accessing African markets, said Indonesia is pleased that Pretoria is paying greater attention to it as one of its strategic trade partners between Africa and the Association of South East Asian Nations (Asean).
The Business Forum held after the Ministers’ meeting provided a platform to highlight opportunities in both economies and also explore areas of collaboration and strengthening the trading partnerships between each other, the dti said. Business communities from the two countries held business-to-business meetings to study possible joint ventures and partnerships.
Meanwhile, the dti said it would lead a business delegation to participate at the Trade Expo Indonesia in October 2017.
Source: NAM NEWS NETWORK