Share

SA discusses trade, investment with EU

Brussels - International Relations Minister Maite Nkoana-Mashabane said that trade and investment figures and how to improve these under the current global meltdown was discussed with the European Commission vice president Baroness Catherine Ashton on Monday.

"We looked at political trade and co-operation... we consider trade with Europe very important," said Nkoana-Mashabane.

She said Europe remained one of South Africa's biggest partners, which was as a result of the trade, development and co-operation agreement (TDCA), signed in 1999.

Since the agreement was signed, there had been a 128% increase in trade between South Africa and the EU.

The agreement provides the legal basis for close relations in trade, development, economic co-operation and political dialogue.

Nkoana-Mashabane and Ashton used the meeting to finalise preparations for the annual SA-EU Summit, which would take place in South Africa next month.

The minister said on Friday that engagements between South Africa and the European Union would focus on job creation through investment, as outlined in the National Development Plan. The plan aims to eliminate poverty and reduce inequality by 2030.

Investment

However, South Africa’s classification as a high- to middle-income state signified a possible decrease in development assistance from the EU, Nkoana-Mashabane said.
Between 2000 and 2011

The EU remained South Africa’s most important regional trading partner between 2000 and 2011 and was South Africa’s main partner for development assistance.

The EU had set aside close to R10bn for South Africa since 2007.

The money had been used for employment creation, water services, health and education.

Trade and tourism between the two countries continued to grow.

Belgium was South Africa’s twelfth largest export destination globally and it ranked sixth in the world in terms of foreign direct investment in South Africa.

Belgium was also one of the leading sources of inbound tourism, with 44 000 Belgian tourists visiting South Africa last year.

Belgium had allocated R327.3m for development co-operation in South Africa up to 2016.
 

 

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders