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Johannesburg - South Africa needs to look at other parts of
the world to diversify its trade and not focus only on Europe, Finance
Minister Pravin Gordhan said on Thursday.
South Africa’s strong trade relations with Europe have made the biggest economy in Africa particularly vulnerable to the impact of a sovereign debt crisis in that region.
Nearly a third of South Africa’s exports are destined for
the eurozone and another third goes to Asia.
“The opportunity for South Africa is to recognise that
relying on one part of the world for its trade is not a good strategy in the
21st century,” Gordhan said in an interview on Talk Radio 702.
“There are immense opportunities on the African continent... immense opportunities in other parts (of the world) in developing countries,” he said.
When asked about what impact calls for nationalisation and
land grabs - made by the ANC Youth League - could have,
Gordhan said such vibrant political discourse was not unique to South Africa.
“(But) we are a developing country and we need to go to
extraordinary lengths to inspire confidence so that people will invest in our
economy and create jobs,” he said.
“We do need to be mindful that public utterances coming from
anybody matter and do make a difference,” he said.
Gordhan declined to comment on whether he would cut interest rates if it was up to him alone.
