Posted: August 17, 2023
The Deputy Minister of Trade, Industry and Competition (the dtic), Mr Fikile Majola says the Inward Buying and Investment Mission currently underway in East London and Durban will forge economic ties beyond borders and create fruitful partnerships. Majola was speaking at a two-day Eastern Cape Export Symposium and Exhibition hosted by the Department of Trade, Industry and Competition, and the Eastern Cape Development Corporation (ECDC) today.
According to Majola, the Eastern Cape Export Symposium and Exhibition reflects government’s commitment to building bridges that transcend borders, and forging partnerships that will create an environment where shared prosperity is not only a vision but a reality.
“Our purpose is about nurturing and cultivating relationships that bind not only our economies but our people as well, characterised by inter-connectedness and shared success across the region. We must never be confined to short-term gains, instead, we must create a landscape where South African businesses forge enduring partnerships that reach out to other BRICS countries and the broader African continent,” said Majola.
Majola also said in today’s dynamic economic landscape, competition is fierce, and nations must actively showcase their strengths to attract the attention of global investors and partners.
The Secretary General of the African Continental Free Trade Area (AfCFTA), Mr Wamkele Mene said AfCFTA presents a great opportunity for South African businesses, in particular Eastern Cape businesses to showcase their capabilities and trade more within the continent.
“Eastern Cape, renowned for its automotive industry, involving the production of motor vehicles and parts, and a strong and varied agricultural sector, can significantly contribute to the development of the AfCFTA regional value chains in these two priority sectors,” said Mene.
He further said data by the Eastern Cape Development Corporation (ECDC) shows that Eastern Cape is the country’s biggest citrus producer, and exports more than half of light vehicles produced in South Africa.
“Eastern Cape has the largest percentage of the country’s livestock, produces more than 15 million kilograms of wool a year and supplies more than half of the world’s mohair. With respect to the implementation of the AfCFTA, Eastern Cape has an advantage to grow the province’s contribution to the Africa market in that it occupies the coastline and has two of the biggest Special Economic Zones in South Africa, namely Coega and East London Industrial Development Zone,” he said.
The Deputy Minister of Trade, Industry and Competition, Mr Fikile Majola with the Secretary General of the African Continental Free Trade Area, Mr Wamkele Mene and the Eastern Cape Premier, Mr Oscar Mabuyane.
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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