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Cape Town - South Africa and Russia have committed to strengthening economic ties and boosting trade in various fields of cooperation, the Department of Trade and Industry (dti) said on Wednesday.
This follows a recent visit to Russia by Deputy Trade Minister Mzwandile Masina to discuss and identify various issues that could benefit and increase trade and investment between South Africa and Russia, particularly in the city of St Petersburg.
The commitment to boost trade stems from his meeting with St Petersburg governor Georgy Poltavchenko, according to the dti.
Masina said St Petersburg presents opportunities that could assist South Africa in advancing its ocean economy initiatives and also meeting the set target of creating one million jobs by 2033.
Masina and Poltavchenko agreed to consider signing a memorandum of understanding (MoU) that will focus on issues of capacity building in the marine sector, and SA's Operation Phakisa initiatives in the ocean economy.
“This MoU will also focus on our Industrial Policy Action Plan’s efforts to boost composite materials towards our metals, automotive and energy sectors. This will require South Africa to provide a roadmap of cooperation and bring together a number of government departments to interact with all stakeholders involved,” Masina said in a statement.
He said it is important for South Africa to engage with other countries to enhance and share skills, especially in identified scarce fields that could benefit the country.
